Midwest

A group of high-profile Detroit-area supporters from the business and political communities urged lawmakers last week to advance a bill that would create a regional transit authority.

The Chicago Public Schools took its fourth ratings blow of recent months when Fitch Ratings lowered its rating to A after a teachers strike.

A new report from Indiana shows that local governments in the Hoosier State carry a total of $34 billion of debt, about half of which is backed by lease payments. School districts have issued the most debt of all political subdivisions.

From double-paging copies to reducing paid holidays, there's no shortage of ideas on how to improve Chicago's fiscal health pouring into Mayor Rahm Emanuel's office as his finance team readies a more than $6 billion 2013 spending plan.

Lawmakers last week approved legislation that allows local governments to issue bonds to cover the costs of shifting to a 401-k style pension plan, as well as to cover their other-post employment benefits liability. Gov. Rick Snyder is expected to sign the measure.

The Ohio Supreme Court Friday declined to rule on Gov. John Kasich's controversial, bond-financed plan to privatize the state's liquor distribution system, sending the case back to the lower courts.

A ballot referendum that would require a two-thirds legislative majority on any tax increases could negatively impact Michigan's bond rating by restricting its ability to cope with tough economic times, warns an independent research group in a report.

The Illinois Sports Facilities Authority may refund bonds sold for Chicago's Soldier Field to ease the risk that Chicago will be called on to backstop debt service.

Moody's Investors Service hit the Chicago Public Schools' $6.4 billion of debt with its second downgrade in recent months and underscored its dim view of the credit by leaving it with a negative outlook as the district struggles with mounting fiscal challenges.

Illinois has submitted a draft airport layout plan to the FAA for a third regional airport to be located far southwest of Chicago. The airport has long been discussed but its advances have come slowly.