Midwest

The Illinois Legislature approved legislation overhauling two of Chicago's four troubled pension funds after Mayor Rahm Emanuel bowed to critics' concerns and yanked language that mandated property tax hikes.

A closing date for the proposed $29 sale of the St. Louis convention center hotel complex is scheduled for April 15, but the bond trustee cautions that it's not yet a done deal.

The state of Michigan last week sold $83 million of bonds last week in a deal that state officials said was four times oversubscribed and proved that the state's credit remains appealing to investors.

The long-struggling city of Gary, Ind., is making a rare appearance in the bond market with a short-term deal that the city's mayor hopes will help rebuild the city's battered credit.

Detroit's creditors filed a flood of objections to the city's bankruptcy plan Monday, arguing it lacked critical information needed to answer even basic questions such as recovery rates.

A hike in Illinois' motor fuel tax and vehicle registration fees could help raise an additional $1.8 billion of annual revenue for transportation under a proposal announced by an Illinois coalition.

Moody's Investors Service boosted Advocate Sherman Hospital's rating by one level to Baa1 in recognition of its acquisition by the fiscally healthier Advocate Health Care Network last year.

Chicago dropped a controversial provision mandating large property tax hikes to fund at least half of its share of increased pension contributions to get legislation overhauling two of its four pension fund back on track.

Illinois Gov. Pat Quinn’s running mate Paul Vallas is joining the municipal restructuring and consulting firm headed by Illinois Finance Authority board chairman and Quinn campaign contributor Bill Brandt.

Legislation that authorizes up to $600 million in revenue-backed borrowing for public university and state buildings in Missouri is headed to the House after Senate passage.