Yvette Shields

Standard & Poor’s last week revised its outlook to stable from negative on the University of Chicago Medical Center’s AA-minus rating due to its strong operating performance over the last year.

Facing a nearly $1 billion budget deficit in the next fiscal year, Chicago Public Schools and city clergy rallied yesterday in a push to preserve and increase state education funding.

CHICAGO — The Wisconsin Health and Educational Facilities Authority has maintained a sound financial position but has bypassed state law to over-compensate its longtime executive director, Lawrence Nines, according to a legislative audit bureau review.

CHICAGO — Menasha will seek voter approval in an April 6 referendum to sell its electric utility assets in a deal that would help the Wisconsin city resolve a bondholder lawsuit stemming from its default on $23 million of bond anticipation notes issued for a now-shuttered steam plant.

CHICAGO — The financially struggling Clare at Water Tower, an upscale, high-rise senior-living development in downtown Chicago, has reached a preliminary restructuring agreement with a group of bondholders and its letter of credit bank that, if approved, would buy the facility more time to succeed.

CHICAGO — Gov. Pat Quinn’s effort to build support for an income tax hike to help dig Illinois out of a $12.8 billion budget hole and liquidity crisis was helped along this week by a local government watchdog group that endorsed tax increases if accompanied by $2.5 billion in spending cuts and pension reforms.

Fitch Ratings affirmed the Nelson Gallery Foundation’s AA rating but revised its outlook to stable from positive ahead of a $35 million refunding.

The Illinois Regional Transportation Authority last week warned that additional service cuts are looming if the state doesn’t soon make good on $250 million in aid payments owed to the agency.

CHICAGO — Minnesota Gov. Tim Pawlenty late yesterday sent state lawmakers a letter warning that he intends to veto the $1 billion capital bonding bill approved by the Democrat majorities in both of the Legislature’s chambers.

CHICAGO — Illinois Gov. Pat Quinn last week signed legislation that replaces the current 13-member board of the fiscally struggling Metropolitan Pier and Exposition Authority with a seven-member interim panel charged with reviewing how to revamp the agency’s management of Chicago’s convention center business.

CHICAGO — The Missouri Highways and Transportation Commission enters the market this week with $185 million of Garvee bonds to complete the financing of its Safe and Sound bridge program and to fund its share of a new span across the Mississippi River.

Indianapolis-based Ice Miller LLP announced yesterday the addition of Bruce Agin to bolster its municipal finance tax group.

Minnesota Gov. Tim Pawlenty this week sent lawmakers legislation that calls for business tax cuts and eliminates a $1.2 billion budget deficit through spending cuts and increased federal Medicaid funds not yet approved by Congress.

Moody's Investors Service assigned a negative outlook last week to the Greater Cleveland Regional Transit Authority's outstanding limited-tax general obligation debt, saying it faces a number of economic and fiscal challenges, including depleted reserves and a steep decline in its main revenue source.

Troy and Bloomfield Township voters in a special election next week will consider ballot initiatives to raise property taxes to avoid cuts. Officials say the new revenue is needed to cover expected declines in property tax revenue over the next several years.

Moody's Investors Service has revised its outlook to stable from positive on Bethel Terrace Apartments' Baa3 rating due to a significant decrease in investment earnings.

Moody's Investors Service downgraded the Springfield Park District's debt to Baa1 from A3 and assigned a negative outlook due to the district's narrowed financial position.

A DuPage County Circuit Court judge last week handed over the title of St. Johannes Cemetery to Chicago, advancing the city's effort to clear a path for one of several new runways planned as part of the $8 billion expansion of O'Hare International Airport.

Chicago Mayor Richard Daley last week ordered city departments to cut non-personnel spending by 6% to save $11 million as economically sensitive revenues like the sales tax and real estate tax have failed to pick up.

CHICAGO — Illinois later this week will refund up to $1.4 billion of general obligation bonds in a deal that should provide some small but much-needed debt service savings as Gov. Pat Quinn and lawmakers move to begin addressing the state’s liquidity and budget crisis.