Midwest

Illinois Gov. Pat Quinn vetoed $250 million in spending for state capitol renovations as he signed into law a series of bills that make up much of the state’s $35.7 billion budget for the fiscal year that begins Tuesday.

Moody's Investors Service has downgraded two Chicago suburbs – one by three notches – for growing pension debt and a looming requirement that they increase their pension contribution or risk losing state aid.

Three of Illinois' five pension funds have revised their investment rate of returns, a move that could drive up the state's future projected contributions and cut in the savings of the pension overhaul adopted by lawmakers.

The Chicago Public Schools announced plans to cut more than 1,000 employees in a move that comes ahead of the district's release of a fiscal 2015 budget that must close a nearly $1 billion budget gap.

PNC Capital Markets has brought in a pair of public finance professionals to help build up its Ohio business.

The chief mediation in Detroit's Chapter 9 case has ordered the city to meet Monday with holders and insurers of $1.4 billion of certificates of participation to try to reach a settlement.

Moody's Investors Service has downgraded the Detroit-area provider Henry Ford Health System one notch to A3, due to a deteriorating operating performance and struggles tied to implementation of a new electronic medical records system.

Cook County, Ill., home to Chicago, is facing a $169 million shortfall in the upcoming fiscal year, county board President Toni Preckwinkle warned Thursday.

The SEC's latest action continues to illustrate the commission's intent to vigorously enforce the muni bond space, securities lawyers said, and might also illustrate why issuers might hesitate to participate in its controversial self-reporting program.

Bankruptcy Judge Steven Rhodes blocked insurer Syncora's request to question the state attorney general, and gave a limited green light to plan for the city's proposal to take the court on a bus tour of the city as part of the upcoming trial.