Yvette Shields

CHICAGO — The Illinois attorney general’s office and lawyers for a liquor distributor squared off before the state Supreme Court this week over whether the state’s 2009 $31 billion public works program — and the funding streams approved to repay bonding for it — are legal.

CHICAGO — The Chicago Public Schools’ chief financial officer, Diana Ferguson, has resigned her position effective next week, but will continue to work on a pro bono basis until a replacement is named, officials said this week.

CHICAGO — New Jersey-based Acacia Financial Group Inc. announced Tuesday the expansion of its Chicago office and a new Alaska outpost with the hiring of two former Scott Balice Strategies LLC financial advisers, Phoebe Selden and Debbie Schnebel.

The East St. Louis School District 189 board last week voted to support a state takeover of the fiscally and academically ailing system, and canceled its contract with superintendent Theresa Saunders.

After his swearing-in Monday, new Chicago Mayor Rahm Emanuel signed a series of executive orders aimed at strengthening the city’s ethics rules.

CHICAGO — The country’s top-ranked financial advisory firm, Public Financial Management Inc., has acquired one of its leading Midwestern competitors, Scott Balice Strategies LLC, whose co-founder and senior partner, Lois Scott, took over as Chicago’s chief financial officer on Monday.

CHICAGO — Philadelphia-based PFM Group announced Monday it will acquire Chicago-based Scott Balice Strategies LLC — the firm co-owned by new Chicago chief financial officer Lois Scott.

CHICAGO — After more than two decades in office, Chicago Mayor Richard Daley on Monday hands the reins over to Rahm Emanuel, leaving behind a legacy highlighted by major bond-financed projects and infrastructure investment, but marred by the city’s daunting fiscal challenges.

CHICAGO — Wisconsin now expects to collect at least $600 million more in tax revenues over the next three years than previously projected, but Gov. Scott Walker said most of the increase would go to pay off existing obligations, not to ease deep education and local government spending cuts proposed in his next budget.

CHICAGO — In a deal that debuts expanded disclosure about its pension obligations, Missouri will take competitive bids Tuesday on $76.9 million of refunding certificates of participation with the savings aimed at providing budgetary relief.

CHICAGO — With the clock ticking on the Minnesota Legislature’s spring session, representatives from the Minnesota Vikings and Ramsey County met with key lawmakers Wednesday to promote their proposal to build a publicly subsidized $1 billion stadium in the Twin Cities suburb of Arden Hills.

CHICAGO — Struggling to meet traffic projections for its privately owned airport in Missouri’s Ozark Mountains, Branson Airport LLC has won some breathing room from holders of $113 million of airport bonds under a forbearance agreement that staves off any enforcement actions.

CHICAGO — Wisconsin will enter the market as soon as Wednesday with up to $276 million of general obligation refunding bonds to complete a debt restructuring originally held up by the controversy earlier this year over Gov. Scott Walker’s move to curtail the collective bargaining rights of most public unions.

Missouri Department of Transportation director Kevin Keith last week announced a plan to dramatically cut the agency in a bid to redirect funds to road and bridge projects.

Illinois won an additional $454 million in federal high-speed rail funding.

The Chicago City Council last week approved the sale of up $80 million of general obligation tender notes to fund operations for the Chicago Public Library system in anticipation of annual tax collections.

The Springfield Chamber of Commerce last week floated a plan to issue $6.1 billion of four-year bonds to pay down Illinois’ backlog of bills.

CHICAGO — Minneapolis Mayor R.T. Rybak and Council President Barbara Johnson unveiled a proposal Monday to partially fund a new $895 million Minnesota Vikings football stadium and renovations to the Timberwolves basketball arena by raising the city’s sales tax and expanding other taxes.

CHICAGO — Illinois lawmakers should reject much of Gov. Pat Quinn’s proposed $52.7 billion fiscal 2012 budget because it leaves a $2.4 billion operating shortfall and relies too heavily on an expensive borrowing scheme to pay off billions of dollars in overdue bills, a local tax policy group recommended Monday.

CHICAGO — When he takes office next week, Chicago Mayor-elect Rahm Emanuel will face an estimated $587 million deficit in the 2012 budget — down about 10% from the shortfall going into the 2011, the city’s finance team said Friday.