Ohio

The Toledo-Lucas Port Authority entered into a closing agreement with the Internal Revenue Service to preserve the tax-exempt status for $3.5 million of 2005 bonds after the IRS found they were taxable.

CHICAGO — Cleveland Mayor Frank Jackson warned this week that the loss of state funding directed to local governments in Gov. John Kasich’s proposed 2012-2013 budget would force him to lay off up to 7% of the city’s workforce and would devastate Ohio’s largest cities.

CHICAGO — Two weeks after it hit Cleveland with a credit downgrade, Fitch Ratings has cut the rating on $835 million of bonds issued for Cleveland Hopkins International Airport to A-minus from A.

CHICAGO — Fitch Ratings on Wednesday downgraded Cleveland to A-plus from AA-minus, warning that the city’s reserves are depleted as it faces fiscal challenges.

CHICAGO — Ohio lawmakers are eying a proposal to lease the state-controlled liquor ­distribution system for $1.2 billion to a newly formed private nonprofit entity.

CHICAGO — Ohio Gov. John Kasich’s proposed two-year spending plan would gut the budget of one of the state’s oldest bond issuers but leave its bond-issuing authority intact.

CHICAGO — Ohio senators Wednesday unanimously passed a $7 billion, two-year transportation budget that allows the state to impose tolls to finance projects and enter into public-private partnerships to build and maintain new infrastructure.

CHICAGO — Dayton, Ohio-based MedAmerica Health Systems will begin taking retail orders Wednesday on $100 million of fixed-rate bonds followed by institutional sales Thursday.

CHICAGO — Ohio Gov. John Kasich Tuesday unveiled a highly anticipated two-year budget that tackles an $8 billion shortfall and avoids raising taxes by cutting spending, selling state assets, and pushing off near-term debt payments.

Fitch Ratings has downgraded $3.3 million of unlimited-tax general obligation bonds issued by Claymont City School District to A-plus from AA-minus and revised the outlook to negative from stable.

Cleveland Clinic chief executive officer and president Toby Cosgrove predicted the federal health care law would cost the prestigious facility $174 million in annual revenue beginning in 2015.

CHICAGO — Former Ohio Treasurer Kevin Boyce has joined Rice Financial Products Co. to staff the firm's Columbus office.

CHICAGO — Double-A rated Ohio Wednesday will price two series of bonds totaling $58 million to finance cultural, sports, parks, and recreation projects across the state.

CHICAGO — New Ohio Treasurer Josh Mandel has tapped a former Squire, Sanders & Dempsey LLP public finance attorney to oversee the office’s debt issuance.

CHICAGO — Three weeks after the Federal Trade Commission sued Promedica Health System, arguing it violated antitrust rules, the Ohio-based hospital chain is keeping a $249 million new-money deal on hold.

CHICAGO — Toledo, Ohio-based Promedica Health System will begin pricing $270 million of refunding and new-money revenue bonds Thursday.

CHICAGO — The U.S. Federal Trade Commission last week filed a pair of complaints against Promedica Health System Inc., a leading health care system in northwest Ohio, charging that its acquisition of a rival hospital is anticompetitive and would allow the Toledo-based system to unfairly raise prices for services.

CHICAGO — The Ohio Supreme Court ruled unanimously Wednesday that lawmakers did not violate the state constitution when they diverted $258 million of tobacco settlement funds to help balance the fiscal 2009-10 budget.

Moody's Investors Service cut its rating on the fiscally troubled city of Mansfield by two notches to A3 from A1 and placed the credit on review for a further downgrade. The move affects $12.7 million of general obligation debt.

Moody's Investors Service downgraded to A1 from Aa3 Canton's general obligation limited-tax debt.