Midwest

CHICAGO — Legislation aimed at shoring up Illinois school districts’ ability to tap working-cash bond proceeds for some construction projects or to cope with delayed state school aid payments without the fear of costly challenges to the long-standing practice is headed to Gov. Pat Quinn’s desk.

CHICAGO — Missouri Gov. Jay ­Nixon late last week praised the Legislature for sending him a “fiscally responsible” $23.3 billion budget for fiscal 2011 that eliminates red ink through cuts rather than tax hikes, but called on lawmakers to approve a proposed government restructuring and tax-credit reforms that could trim future costs.

Ohio voters will decide tomorrow whether to allow the state to issue $700 million of general obligation bonds over the next four years to finance a technology jobs program.

CHICAGO — Backed by organized labor leaders, a Democratic lawmaker yesterday pressed his colleagues to support a plan that would permit electronic gaming at Illinois’ six horse-racing tracks to ensure funding remains stable for the state’s $31 billion capital program.

CHICAGO — Faced with declining state aid, Minnesota counties are relying more heavily on property taxes and spending more than they collect in revenue, leading to increased draw-downs on their unreserved balances, a state auditor’s report found.

CHICAGO — While Illinois is still behind in aid payments to its public universities, the rating risk posed by the state’s liquidity problems eased a bit yesterday when Moody’s Investors Service confirmed the ratings of seven of eight public schools and took them off negative watch.

CHICAGO — Evansville, Ind., will enter the market today with $115 million of taxable Build America Bonds to finance construction of a downtown arena meant to revitalize the city, a hub of southwest Indiana and northern Kentucky.

CHICAGO — The Illinois Senate is expected to vote this week on legislation that would clarify school districts’ rights to tap working-cash bond proceeds for some construction projects or to cope with late state school aid payments, reducing the risks of costly challenges to the long-standing practice under the tax law.

CHICAGO — Illinois Gov. Pat Quinn’s proposed $52 billion fiscal 2011 budget relies too heavily on borrowing, leaves too many bills unpaid, and will only aggravate the state’s fiscal crisis, a Chicago-based government watchdog organization said yesterday in announcing its opposition to the spending plan.

CHICAGO — Nebraska voters on May 11 will decide whether to expand state law to allow cities, counties, and villages to issue tax-exempt debt on behalf of nonprofit organizations for capital projects.