Yvette Shields

CHICAGO — The Chicago City Council on Wednesday approved more than $3 billion of borrowing in three deals slated for late spring, and Mayor Rahm Emanuel introduced an ordinance creating a new trust to serve as a financing vehicle to leverage private investment in public projects.

CHICAGO — The Illinois Finance Authority board on Tuesday advanced direct-purchase issues for two health care refunding deals and an $11 million allocation of Midwestern Disaster Area Bonds, the latest in a series of projects to tap the federal program before it expires at the end of the year.

The Minnesota Department of Transportation released a revised cost estimate of $626 million on building the St. Croix River Crossing bridge project.

The Illinois Health Facilities and Services Review Board approved Northwestern Memorial Hospital’s new $300 million, 1-million square-foot outpatient facility. The hospital hopes to complete the project by 2014. The building at the hospital’s main downtown Chicago campus will also house doctors’ offices.

Illinois Gov. Pat Quinn on Tuesday announced state funding of $32 million for the construction of a new transportation-related education center at the City Colleges of Chicago’s Olive-Harvey campus.

After it courts buyers at an investor conference set for late next month, Chicago plans to offer up more than $3 billion of new-money and refunding general obligation water revenue and airport debt.

CHICAGO — Illinois has agreed to the Illinois Medical District Commission's request that a $4.5 million capital grant be diverted to cure a debt-service coverage default and ensure bondholders receive full payment later this year on $40 million of state moral obligation-backed bonds.

A U.S. District Court judge in Chicago has dismissed the final count lodged against former Bear Stearns public finance banker P. Nicholas Hurtgen by federal prosecutors in connection with an extortion scheme involving a Chicago-area hospital seeking regulatory approval for a new hospital.

Still recovering from Gov. Pat Quinn's recent call for $2.7 billion in Medicaid cuts, not-for-profit hospitals in Illinois took a second blow when he lifted a six-month moratorium on stripping hospitals of their property tax-exemptions for failing to provide sufficient charity care.

CHICAGO — Illinois enters the market next Tuesday with $500 million of general obligation bonds for capital projects and is planning two additional new-money sales before closing the books on the fiscal year in June.

Moody’s Investors Service has downgraded the Columbus School District one notch to A1 ahead of its $1.5 million issue that will refund a Wisconsin state trust fund loan.

The owners of the St. Louis Rams last week rejected the St. Louis Convention and Visitors Center’s proposed $124 million plan to upgrade the team’s Edward Jones Dome stadium, which relied on $60 million of public funding.

The Illinois Health Facilities and Services Review Board last week approved Naperville-based Edward Hospital’s $64 million expansion plan.

The head of the nonpartisan Center for Tax and Budget Accountability last week called on lawmakers to end Illinois’ flat income-tax rate and shift to a graduated tax based on income levels.

CHICAGO — Six months after hosting its first investor conference, Chicago is inviting the buy-side community back on April 26 to update market participants on how the city and its sister agencies are dealing with their fiscal challenges.

In what is billed as a first-of-its-kind financing vehicle for municipal infrastructure, Chicago Mayor Rahm Emanuel unveiled a new trust program that will tap private investment to help fund more than $1 billion worth of projects.

CHICAGO — Bank of America NA sued the St. Louis-based Jewish Community Center last week, alleging the nonprofit has withheld more than $4 million it owes the bank as a tactic to win more favorable terms on the repayment of $45 million of bonds held by the bank.

Billed as the first-of-its-kind financing vehicle for municipal infrastructure, Chicago Mayor Rahm Emanuel unveiled a new trust program on Thursday that will tap private investment to help fund projects.

Minnesota Gov. Mark Dayton unveiled plans for a new $975 million Vikings stadium in downtown Minneapolis that relies on a team contribution and local and state funds.

CHICAGO — The trustee for $39 million of defaulted appropriation-backed bonds issued for a failed artificial sweetener plant in Moberly, Mo., won't tap dwindling reserves to cover the March 1 debt service payment.