Iowa

Polk County supervisors approved placing a $50 million bond question on Iowa’s Nov. 6 ballot to finance conservation improvements and recreational projects over the next two decades.

The Iowa Finance Authority might come close to tapping all of its allowance under the 2008 federal Midwestern Disaster Area Bond Program with big deals for Alcoa, Cargill approved and a tentative one for a $1.2 billion fertilizer plant.

Iowa Gov. Terry Branstad said he would seek legislative support for a gasoline tax increase next year to raise revenue to pay for road and bridge work.

Moody’s Investors Service last week revised its outlook on Cedar Rapids’ Aaa general obligation rating to negative as the Iowa city adds to its debt load to finance major development projects.

Moody’s Investors Service has downgraded Coralville, Iowa’s urban renewal tax-increment finance bonds from a 2007 issue two notches to Baa2 from A3 and warned of further action by assigning a negative outlook.

Moody’s Investors Service has affirmed the University of Iowa’s Aa1 rating and stable outlook for its utility system revenue bonds ahead of a $25 million sale slated for this week.

Moody’s Investors Service has downgraded Davenport, Iowa’s general obligation bond rating one notch to Aa2 ahead of its sale of $31.3 million of new debt.

Dubuque will issue $4.4 million of general obligation urban-renewal bonds and $7.5 million of GOs as soon as next week.

CHICAGO - Decatur, Ill.-based Archer Daniels Midland Co., the world's largest grain processor, has requested an allocation of up to $200 million of Midwestern disaster-area revenue bonds through the Iowa Finance Authority for improvements at its Iowa processing facilities.

CHICAGO - The debt burden of state and local government borrowers in Iowa rose in fiscal 2011 by 6.6% to $13.8 billion, according to a report published last week by Treasurer Michael Fitzgerald's office.

Moody’s Investors Service has revised its outlook on Mercy Hospital’s A2 rating to negative from stable due to a decline in operating performance.

Moody’s Investors Service downgraded the Winterset Community School District’s rating by one notch to A2 due to a narrow but improving financial position. The action affects $18 million of outstanding general obligation debt.

Moody's Investors Service last week affirmed Central College's low investment-grade underlying rating of Baa3 as it warned that a downgrade could loom due to challenges tied to thin liquidity coverage of its floating-rate debt.

Moody's Investors Service has downgraded the city of Burlington's sewer revenue bonds one notch to A1 ahead of a planned sale this week of $5.3 million.

CHICAGO — A New York State court judge has ordered Assured Guaranty Corp. to honor coverage of $83.3 million of Iowa's Xenia Rural Water District bonds as part of its 2009 reinsurance agreement with CIFG Assurance North America Inc.

CHICAGO — The Xenia Rural Water District’s financial position worsened in 2010, moving it closer to insolvency and increasing the pressure on the Iowa agency and its creditors to come to some agreement that likely includes debt forgiveness, according to a state audit.

CHICAGO — Iowa’s Xenia Rural Water District has proposed a five-year restructuring plan that calls for investors who hold $83 million of revenue bonds to receive full payment. However, it hinges on the willingness of other creditors to “share in the pain” of restoring the district to fiscal solvency by forgiving some debt, said interim executive director Marc DeLong.

CHICAGO — An Iowa water district’s long-awaited plan to restructure $140 million of debt — including $83 million of water revenue bonds — is now on hold due to litigation filed by Bank of America Corp. in an attempt to block a pending asset sale.

CHICAGO — Iowa’s new governor, Terry Branstad, unveiled a nearly $6.2 billion budget for fiscal 2012 that trims more than $700 million in spending while maintaining healthy reserve levels and providing tax relief for businesses.

CHICAGO — Struggling to remain afloat, Iowa’s Xenia Rural Water District is working on a final debt restructuring plan to submit to its board and may do so later this month, officials said Wednesday.