Midwest

Moody's Investors Service has hit the Rock Island County Forest Preserve District in Illinois with a triple-notch downgrade and warning that further action could loom over its fiscal challenges.

A deal to create a new bond-issuing authority to take over the troubled Detroit Water and Sewerage Department advanced this week with the remaining counties approving the plan.

The transit agency that provides commuter rail in the Chicago region could soon join the ranks of tax-exempt borrowers under a proposed $2.4 billion, 10-year capital program that relies on about $400 million of financing.

At The Bond Buyer's California Public Finance Conference, Schiff Hardin's Rick Frimmer discussed the implications of recent developments in municipal bankruptcy.

Illinois Gov. Pat Quinn's administration says its plan to build a $1.5 billion privately financed toll road in partnership with Indiana remains on track with the endorsement of a key Chicago area planning committee.

Illinois' fiscal 2015 budget reverses course on recent strides, relying on fiscally harmful practices like borrowing to cover operations and shorting known expenses, a local government review group warns in its new review of the spending plan.

Cook County, Ill. Board President Toni Preckwinkle Thursday unveiled a nearly $4 billion2015 budget for the nation's second-largest county, home of Chicago, that relies heavily on the new federal health care law to close a projected $169 million budget gap.

Moody's Investors Service warned Wednesday it may downgrade Detroit's Ca-rated certificates of participation, saying it expects to resolve the outlook when and if the bankrupt city settles with the bond insurer that wraps the bulk of the certificates.

The Civic Committee of the Commercial Club of Chicago said it plans an initiative to promote a dialogue on the consequences should the Illinois Supreme Court overturn pension reforms adopted last year.

Chicago Mayor Rahm Emanuel and the Chicago Public Schools plan to expand early childhood education programs through a $17 million Social Impact Bond.