Yvette Shields

CHICAGO — Chicago-based Ziegler Capital Markets Group last week announced the hiring of its first New York City-based health care banker, Mike Quinn, to lead its East Coast banking and advisory efforts with hospitals and health care systems.

CHICAGO – With no long-term resolution in sight over the state’s budget crisis, Illinois lawmakers adjourned on Friday after giving public universities new borrowing authority and approving a debt restructuring for the agency that manages Chicago’s convention center.

CHICAGO — The Minnesota Supreme Court ruled yesterday that Gov. Tim Pawlenty exceeded his executive powers in using his unallotment authority to slash the fiscal 2010-11 budget sent to him by lawmakers last year, a finding that raises questions over the legality of $2.7 billion in spending cuts made by the governor.

CHICAGO — The Illinois Finance Authority board advanced plans this week for more than $550 million in health care-related deals, including the Clare at Water Tower’s tender and exchange offer that is part of a debt restructuring aimed at giving the struggling retirement development more time to succeed.

CHICAGO — A special pension commission named by Chicago Mayor Richard Daley has recommended increased contributions and policy changes to address the city’s pension funding crisis, but several panel members panned the proposals as falling far short of the more dramatic action needed to avert looming shortfalls.

Fitch Ratings last week downgraded its rating on the 2007 debt of the I-470 and 350 Transportation Development District to BBB-plus from A, though the rating is rising to A-minus due to Fitch’s ongoing recalibration of municipal ratings.

Standard & Poor’s last week raised Cambridge’s general obligation rating one notch to AA-minus due to its stable financial operations and very strong reserves.

Chicago told the Federal Aviation Administration in a quarterly report that it continues to hopes it can resurrect a proposed privatization of Midway Airport.

CHICAGO — A marriage between Chicago-based United Airlines and Houston-based Continental Airlines may have a limited impact on their key airport facilities, as they operate mostly complementary routes, but it could add to the negative pressures posed by industry consolidation, market participants said yesterday.

CHICAGO — With time running out on the current legislative session, a group of Minnesota lawmakers yesterday unveiled a proposal for a new stadium for the Minnesota Vikings that relies on public funding supported by a series of new taxes to cover about two-thirds of the nearly $800 million price tag.

CHICAGO — The bill for fixing Chicago’s underfunded pension funds would cost taxpayers at least $660 million annually and without action the funds will face shortfalls within the decade, according to a report released Friday by a special pension commission appointed by Mayor Richard Daley.

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.

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 — 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.

Standard & Poor’s has revised its outlook to stable from negative on health care provider Wheaton Franciscan Services Inc.’s BBB-plus rating due to its improved operating results. The revision affects bonds issued through the Wisconsin Health and Educational Facilities Authority in 2002, 2003, and 2006.

Two Chicago-area municipal consultants and Roosevelt University’s School of Business Administration will host a tax-increment financing workshop May 27 to bring together community development leaders with investor and investment banking participants.

The Illinois State Toll Highway Authority last week announced the creation of a transition team to advise the agency on its future direction.