Midwest

CHICAGO — Illinois Gov. Pat Quinn warned the state faces its worst “financial calamity” ever and said he would push for tax code reforms that raise revenue in a “fair way” in his state of the state address yesterday.

CHICAGO — The Metropolitan Sewer District of St. Louis will sell $85 million of revenue bonds today, tapping the Build America Bond program to raise funds for its long-term $6 billion capital improvement program.

CHICAGO — Faced with rising debt service costs and sagging tourism revenues, the Metropolitan Pier and Exposition Authority will ask Illinois lawmakers who return to work today for the power to restructure its debt and extend a state debt-service subsidy.

CHICAGO — Ohio State University today will begin taking retail orders on a refunding issue that will range in size from $154 million to $274 million in order to eliminate some of the school’s variable-rate debt and achieve savings on its existing fixed-rate bonds.

CHICAGO — After escaping punishment from rating agencies for dipping into reserves to erase its budget deficit, Chicago will enter the market this week with $770 million of new-money and refunding general obligation bonds in a transaction that marks the city’s first use of federal stimulus bonding programs.

CHICAGO — The Ohio Water Development Authority today will begin taking retail orders on $400 million of new-money bonds in a transaction that could include some taxable Build America Bonds.

CHICAGO — Triple-A rated University of Michigan will enter the market today with $163 million of general revenue Build America Bonds.

CHICAGO — The Indiana Finance Authority Monday afternoon will begin taking retail orders on $350 million of triple-A rated state revolving fund program refunding bonds, before opening the sale to institutional buyers Wednesday.

CHICAGO — The battle for the Democratic nod in the Illinois governor’s race centered on state finances yesterday as Comptroller Dan Hynes — Gov. Pat Quinn’s primary rival — issued a warning over the state’s dire fiscal condition, including $5.1 billion in unpaid bills and the looming repayment of $2.25 billion of cash-flow notes.

CHICAGO — Cleveland-based MetroHealth System is expected to enter the market today with $75 million of taxable Build America Bonds and possibly another series of tax-exempt fixed-rate debt to finance capital projects.