Midwest

CHICAGO — The Chicago City Council yesterday approved up to $2.85 billion of general obligation and airport bonds slated for sale in early 2010 and signed off on a settlement with a neighboring suburb that ends its litigation against the $8 billion expansion of O’Hare International Airport.

CHICAGO — The Cook County, Ill., Board of Commissioners this week voted to repeal half of a sales tax increase that was implemented last year and remains the most unpopular and controversial tax hike in recent county history.

CHICAGO — The economies of Iowa, Nebraska, and the Dakotas have emerged as some of the healthiest in the U.S., enjoying a rare stability anchored by strong commodity prices while largely escaping the strains posed in other states by the housing market’s collapse and high unemployment.

CHICAGO — Ohio-based public power provider American Municipal Power Inc. today will price $605 million of revenue bonds — the bulk of which are taxable Build America Bonds — to raise funds for the first stage of construction of a trio of hydroelectric plants along the Ohio River.

CHICAGO — Triple-A rated Hennepin County, Minn., today competitively sells $80 million of new-money general obligation bonds to raise funds for an ongoing five-year capital program that was scaled down to $757 million from $900 million to help address a budget crunch.

Moody’s Investors Service downgraded Madison’s water revenue bonds one notch to Aa2 due to challenges facing the system that have hurt its liquidity levels.

Moody’s Investors Service affirmed its A2 rating on Southwest General Health Center, located in the Cleveland suburb of Middleburg Heights, and revised its outlook to stable from negative after the center reported three years of improved operating results.

In the latest episode in the years-long effort to build a $425 million medical mart in Cleveland, the firm that plans to build the center has proposed a new downtown location, a move that “stunned” local politicians, according to reports.

Oakland County Executive L. Brooks Patterson said he plans to hold a summit next month for local government officials to discuss challenges facing Michigan municipalities.

The Metropolitan Pier and Exposition Authority on Monday announced that it would likely cut about 20% of its employees to help trim a budget shortfall estimated at nearly $29 million.