Midwest

Cook County, Ill., commissioners signed off on a $4.9 billion 2017 budget that relies on spending cuts and a new sweetened beverage tax to erase red ink due in part to growing debt service and pension expenses.

Illinois lawmakers returned to the capital for the start of a six-day veto session that includes a possible vote on overhauling two Chicago pension funds and a hearing on shifting Chicago Public Schools governance to an elected school board. Little budget progress is expected.

Highland Park, Michigan says it shouldn’t be on the hook to repay $30 million to the Great Lakes Water Authority, saying they stem from overcharges related in part to a bond sale and forward swap losses.

A St. Louis redevelopment agency heads into the market as soon as this week with a $108 million issue to fund land and site costs supporting a new $1.75 billion facility for the National Geospatial-Intelligence Agency.

Chicago Public Schools pulled the plug until 2017 on a $426 million bond sale originally planned this month, a decision that came as the district closed on a new cash flow borrowing.

Cook County, Ill., Board President Toni Preckwinkle cast the deciding vote on a sweetened beverage tax promoted as the best means to avert deep public safety and health spending cuts to close a budget gap.

The Chicago Park District paid a steep yield penalty for its Chicago ties on a recent sale although it managed to trim spreads from a 2015 issue.

The constitutional amendment passed by Illinois voters putting transportation related revenues in a lockbox was labeled by Moody's Investors Service as a negative credit factor for the state.

Chicago Public Schools fell further into junk territory with a downgrade to B from B-plus from S&P Global Ratings.

Tax and bond measures found success in California and Washington on Election Day.