Midwest

CHICAGO - A recent ruling by the Nebraska Department of Revenue effectively removes the use of lease-purchase agreements as a tool to finance municipal projects, and the impact is reverberating throughout the state.

CHICAGO - Cook County, Ill., Board President Toni Preckwinkle Tuesday proposed a $2.9 billion all-funds budget for fiscal 2012 that closes a $315 million shortfall with a mix of cuts and tax and fee increases.

Legislation advancing in the Wisconsin Legislature would authorize the creation of a Milwaukee County comptroller, an independent elected post charged with managing the county’s debt, audits and other fiscal issues.

Fitch Ratings last week affirmed its AA rating on $590 million of revenue bonds issued by the Ohio Turnpike Commission and revised its outlook to stable from negative.

Critics and supporters last week debated a proposed constitutional amendment to abolish property taxes in North Dakota. If approved, it would make the state the only one in the nation to repeal such taxes.

Moody’s Investors Service has revised its outlook to positive from stable on Minnesota’s HealthPartners Inc.’s A3 rating in recognition of its improved operating performance.

Fitch Ratings last week downgraded the town of Port Huron in eastern Michigan to A-plus from AA-minus, affecting $24 million of general obligation bonds.

Illinois Gov. Pat Quinn and Chicago Mayor Rahm Emanuel this week announced agreements with two McCormick Place Convention Center labor unions, solidifying reforms enacted last year.

After conducting a national search, Chicago Mayor Rahm Emanuel this week named former chief operating officer and interim superintendent Michael Kelly as the superintendent of the Chicago Park District.

CHICAGO - The Illinois State Toll Highway Authority is losing its two board members with public finance backgrounds — including William Morris, who opposed a planned rate hike — just as the agency prepares to embark on a $12 billion capital program that relies on $4.8 billion in borrowing.