Yvette Shields

Chicago's plan to overhaul two of its four pension funds removes the threat of looming insolvency but any notable reduction in the burdensome size of their liabilities is years off, Fitch Ratings said.

Illinois' future credit standing hangs in the balance as state lawmakers weigh the 2015 budget and whether to accept Gov. Pat Quinn's recommendation to make permanent an expiring income tax hike, Standard & Poor's said in a special commentary.

The Illinois Legislature approved legislation overhauling two of Chicago's four troubled pension funds after Mayor Rahm Emanuel bowed to critics' concerns and yanked language that mandated property tax hikes.

A closing date for the proposed $29 sale of the St. Louis convention center hotel complex is scheduled for April 15, but the bond trustee cautions that it's not yet a done deal.

A hike in Illinois' motor fuel tax and vehicle registration fees could help raise an additional $1.8 billion of annual revenue for transportation under a proposal announced by an Illinois coalition.

Moody's Investors Service boosted Advocate Sherman Hospital's rating by one level to Baa1 in recognition of its acquisition by the fiscally healthier Advocate Health Care Network last year.

Chicago dropped a controversial provision mandating large property tax hikes to fund at least half of its share of increased pension contributions to get legislation overhauling two of its four pension fund back on track.

Illinois Gov. Pat Quinn’s running mate Paul Vallas is joining the municipal restructuring and consulting firm headed by Illinois Finance Authority board chairman and Quinn campaign contributor Bill Brandt.

Chicago-based Wintrust Wealth Management has hired veteran municipal professional Tom Greene to lead its institutional municipal bond desk.

Chicago's proposed rescue for two of its four pension funds lost momentum in the General Assembly as backers struggled to drum up votes and Gov. Pat Quinn won't say if he'd sign it.

Chicago is readying up to $1 billion of water and sewer revenue bonds to fund work on its aging systems that’s been accelerated with a funding boost from steep rate increases.

Chicago Mayor Rahm Emanuel's plan to overhaul two of the city's four pension funds is on a legislative fast-track after its introduction Wednesday.

Illinois returns to the market next week with fresh fiscal news for potential investors from Gov. Pat Quinn, who has proposed making permanent the expiring 2011 income tax hike.

Chicago is readying a pension reform bill for state legislative consideration that deals with half of its pension mess by stabilizing two its four retirement funds through increased employee and city contributions and benefit cuts.

The heavy political lifting to overhaul the governance structure of the Chicago region's transit system and improve its funding now begins following the release of a state transit task force recommendation that the current system be scrapped.

The Milwaukee Metropolitan Sewerage District lost its top rating from Moody's Investors Service based on the rating agency's new local government general obligation rating methodology.

A state transit task force proposed scrapping the current governance structure of transit services in the Chicago region under a framework that calls for the creation of new, single super agency.

A proposal sponsored by Illinois House Speaker Michael Madigan to impose an income tax surcharge on individuals with income above $1 million advanced to the full House Thursday.

Illinois Gov. Pat Quinn's proposal to make a 2011 temporary income tax permanent won praise from two key factions – the General Assembly's Democratic leaders and investors.

Chicago-based Mesirow Financial has hired Morgan Stanley veteran Eric Vandercar to head municipal funding in its institutional sales and trading department.