Yvette Shields

CHICAGO — The bill for fixing Chicago’s underfunded pension funds would cost taxpayers at least $660 million annually and without action the funds will face shortfalls within the decade, according to a report released Friday by a special pension commission appointed by Mayor Richard Daley.

CHICAGO — Legislation aimed at shoring up Illinois school districts’ ability to tap working-cash bond proceeds for some construction projects or to cope with delayed state school aid payments without the fear of costly challenges to the long-standing practice is headed to Gov. Pat Quinn’s desk.

CHICAGO — Missouri Gov. Jay ­Nixon late last week praised the Legislature for sending him a “fiscally responsible” $23.3 billion budget for fiscal 2011 that eliminates red ink through cuts rather than tax hikes, but called on lawmakers to approve a proposed government restructuring and tax-credit reforms that could trim future costs.

CHICAGO — Backed by organized labor leaders, a Democratic lawmaker yesterday pressed his colleagues to support a plan that would permit electronic gaming at Illinois’ six horse-racing tracks to ensure funding remains stable for the state’s $31 billion capital program.

CHICAGO — Faced with declining state aid, Minnesota counties are relying more heavily on property taxes and spending more than they collect in revenue, leading to increased draw-downs on their unreserved balances, a state auditor’s report found.

CHICAGO — While Illinois is still behind in aid payments to its public universities, the rating risk posed by the state’s liquidity problems eased a bit yesterday when Moody’s Investors Service confirmed the ratings of seven of eight public schools and took them off negative watch.

CHICAGO — The Illinois Senate is expected to vote this week on legislation that would clarify school districts’ rights to tap working-cash bond proceeds for some construction projects or to cope with late state school aid payments, reducing the risks of costly challenges to the long-standing practice under the tax law.

Standard & Poor’s has revised its outlook to stable from negative on health care provider Wheaton Franciscan Services Inc.’s BBB-plus rating due to its improved operating results. The revision affects bonds issued through the Wisconsin Health and Educational Facilities Authority in 2002, 2003, and 2006.

Two Chicago-area municipal consultants and Roosevelt University’s School of Business Administration will host a tax-increment financing workshop May 27 to bring together community development leaders with investor and investment banking participants.

The Illinois State Toll Highway Authority last week announced the creation of a transition team to advise the agency on its future direction.

CHICAGO — Illinois Gov. Pat Quinn’s proposed $52 billion fiscal 2011 budget relies too heavily on borrowing, leaves too many bills unpaid, and will only aggravate the state’s fiscal crisis, a Chicago-based government watchdog organization said yesterday in announcing its opposition to the spending plan.

CHICAGO — The Wisconsin Legislature adjourned late last week, ending its session after approving legislation that authorizes the creation of a new conduit bonding commission and leaving on the table a bill that would have established a regional transportation authority in the Milwaukee area.

CHICAGO — The Chicago Transit Authority early next month will restructure about $100 million of its federal capital grant-backed bonds. The agency will avoid principal payments this year and next in order to accelerate capital spending and provide an operating cushion in case fiscal pressures mount.

CHICAGO — An interim board overseeing Chicago’s convention center authority yesterday recommended Illinois lawmakers overhaul the agency to help bring down convention and trade show costs and ease mounting financial pressures through a debt restructuring plan.

CHICAGO — Several Midwestern recipients of portions of the $8 billion in federal stimulus funds earmarked for high-speed rail lobbied for more funding to promote overall rail use and defended their projects’ lack of speed against Republican criticism during a congressional field hearing here Tuesday.

CHICAGO — St. Louis-based SSM Health Care System took retail orders yesterday on $280 million of fixed-rate bonds that will be open to institutional investors today. The deal will be followed early next month with $300 million of floating-rate debt.

Moody’s Investors Service last week upgraded its rating to A3 from Baa1 on Capital Region Medical Center. The upgrade affects $36 million of outstanding debt issued through the Missouri State Health and Educational Facilities Authority.

Standard & Poor’s last week revised the outlook on Nevada Regional Medical Center’s BBB-minus rating to negative. The action affects $21.7 million of debt.

Standard & Poor’s last week raised its ratings on 36 school districts and municipalities in Illinois, Indiana, Michigan, Missouri, Ohio, and Wisconsin. The agency also affirmed the ratings on 20 issuers in Iowa, Illinois, Indiana, Michigan, Missouri, and Ohio. In all cases, the outlook is stable.

Illinois Gov. Pat Quinn last week announced a $12.8 billion highway improvement program for fiscal 2011 through 2016 that’s projected to create 167,000 jobs.