Midwest

CHICAGO – Moody's Investors Service called Illinois Gov. Pat Quinn's proposed package of pension reforms a "credit positive" on Monday.

CHICAGO — With an estimated $153 million surplus heading into fiscal 2013, top Republican lawmakers in Ohio are debating whether to spend it or save it.

Illinois Gov. Pat Quinn's recent proposals to stabilize state finances may not help shrink the interest rate penalty demanded by investors on the state's $1.8 billion refunding set for next week.

Moody's Investors Service put Chicago on notice that its unfunded pension obligations of nearly $15 billion threaten the stability of the city's Aa3 general obligation rating.

CHICAGO — The Chicago City Council overwhelmingly approved Mayor Rahm Emanuel's controversial plan to establish an infrastructure trust to tap private investment in public projects after rejecting several measures aimed at tightening oversight of the new nonprofit.

Milwaukee’s recent downgrade by Moody’s Investors Service became a campaign issue last week when Mayor Tom Barrett, who hopes to unseat Gov. Scott Walker in an upcoming recall election, blamed Walker for the action.

A battle over competing international bridge plans in Michigan that has roiled the Legislature for years could find resolution with a public vote later this year.

Michigan said it withheld its April 20 state aid payment to the Pontiac City School District, a move that Moody’s Investors Service warned presents a severe credit challenge to the already troubled system.

Moody’s Investors Service has downgraded Coralville, Iowa’s urban renewal tax-increment finance bonds from a 2007 issue two notches to Baa2 from A3 and warned of further action by assigning a negative outlook.

Indiana on Monday announced a list of four possible teams for the Ohio River Bridges project.