Midwest

A retired state judge has filed a lawsuit challenging the constitutionality of a new Illinois law that overhauls the state's retiree healthcare program and shifting more of the funding burden for premiums to beneficiaries.

Illinois Gov. Pat Quinn signed several pieces of legislation authorizing $1.6 billion in new state borrowing to finance transportation and transit projects and extending an increase in the Regional Transportation Authority of Illinois' working cash notes limits.

Top Illinois finance officials are on the road to sell institutional investors on the tidy structure of the state's sale issue next week of $1.5 billion of double-A rated unemployment bonds that are insulated against the state's well-publicized liquidity and budget struggles.

Moody's Investors Service upgraded to A2 from A3 its rating on Blanchard Valley Regional Health Center, located in Findlay, Ohio.

Moody's Investors Service downgraded Hennepin County, Minn.'s first lien sales tax revenue bond credit to Aa1 from Aaa in connection with the agency's new rating methodology for debt backed by special tax revenues.

Michigan Gov. Rick Snyder last week signed into law legislation that will set aside a portion of sales tax revenues for the cash-strapped transportation fund.

Detroit faces two new lawsuits challenging the city's recent consent decree with the state about its finances.

Moody's Revised its Outlook to Stable from Negative on A1-rated Indianapolis Airport Authority, citing strong financial performance.

Chicago Mayor Rahm Emanuel has submitted his nominations for the new Chicago Infrastructure Trust to the City Council.

Chicago Mayor Rahm Emanuel and Cook County Board of Commissioners President Toni Preckwinkle announced that $33 million in savings were achieved in the first year of collaboration on some services and initiatives.