Midwest

The Illinois State Toll Highway Authority board on Thursday approved new pools of underwriters as it gears up to enter the market with a roughly $200 million issue to launch a $12 billion, 15-year capital program.

The Chicago Board of Ed adopted a $5.2 billion fiscal 2013 operating budget that drains most of its reserves to help close a $665 million deficit with big pension payment hike looming and teacher demands for bigger raises.

The Detroit-Wayne County Airport Authority comes to market this week with new-money and refunding airport revenue bonds.

Moody’s Investors Service last week affirmed the A2 rating on the Cleveland Municipal School District’s outstanding general obligation unlimited-tax debt, but revised the outlook to negative from stable due in part to the district’s thin liquidity.

Moody’s Investors Service has revised its outlook on the OSF Healthcare System’s A3 rating to positive from stable in recognition of improved operating performance and market share.

Lured by attractive Treasury rates and the absence of tax-exempt compliance, the Mayo Clinic is accelerating its new-money borrowing plans and opting to go with taxable paper in a $300 million issue pricing as soon as this week.

Legislators failed to take action during a one-day special session Friday to pass pension reforms to bring down the state's $83 billion liability, considered the worst among states.

Legislators will hold a one-day special session Friday to try to pass pension reforms to bring down the state’s $83 billion liability, considered the worst among states.

The Legislature Wednesday approved a handful of reforms to the state's massive public school employee retirement system, but delayed until after November one of the biggest decisions – whether to convert the entire system into a 401(k) plan.

Four bond-financed health care projects totaling more than $900 million won approval from the Illinois Finance Authority Tuesday, clearing the way for three of the issuers to head to market next month.