Midwest

CHICAGO — Ohio’s House Committee on Economic Development yesterday held the first of three hearings on a measure that would allow the state to issue up to $1.5 billion of general obligation bonds to renew a popular jobs program.

CHICAGO — Michigan’s House Appropriations Committee will hold a hearing today on a bill that would allow Detroit to sell $250 million of fiscal stabilization bonds to help erase the struggling city’s deficit.

CHICAGO — Milwaukee will competitively sell up to $50 million of general obligation corporate-purpose qualified school construction bonds on behalf of the Milwaukee Public Schools today in a deal that will help the struggling district pay for capital projects and maintenance.

CHICAGO — Illinois will competitively sell $155 of new-money Build Illinois sales-tax backed bonds tomorrow, the first in a series of deals worth more than $5 billion planned over the next few months as the state struggles with a budget deficit that drove yesterday’s rating downgrade from Moody’s Investors Service.

Fitch Ratings revised its outlook to negative from stable on Akron’s limited-tax general obligation debt, income tax debt, and certificates of participation. It also affirmed its AA-minus rating on the limited-tax GO debt, its A-plus rating on the income tax bonds, and its A rating on the COPs.

Cuyahoga County commissioners last week approved a proposal to sell $181 million of bonds, $130 million to finance construction of a juvenile justice center and about $50 million other projects.

Fitch Ratings this week downgraded its rating to BBB-minus from BBB-plus on the Summit County Port Authority bond fund’s outstanding $40.2 million of revenue bonds. The debt remains on negative negative at the lower rating.

The trustee on $98 million of St. Louis convention center hotel bonds will hold a bondholder call today to provide an update on the city’s advancement last week of legislation that could boost the hotel’s financial viability and provide some relief from an upcoming tax-related payment owed to the city.

Moody’s Investors Service last week upgraded the Community College District 509 in Elgin to Aaa from Aa1 in conjunction with its upcoming sale this week of $45 million of general obligation bonds that were approved by voters last month. The deal includes taxable Build America Bonds.

Illinois Gov. Pat Quinn last week named Chicago-based public finance banker Maria Saldana to a four-year term on the Illinois State Toll Highway Authority board.