Illinois

The pleas from Illinois’ local governments, schools, and state agencies for at least a stop-gap spending plan are growing louder, as the state careens toward the start of a second fiscal year without a budget.

The Illinois Finance Authority greenlighted $1.4 billion of borrowing plans at its June meeting, led by Presence Health’s preliminary plans to restructure debt as it works to stave off further credit erosion.

The Securities and Exchange Commission has settled with a former Chicago charter school operator over charges that he negligently approved and signed a misleading official statement for a $37.5 million bond offering to build three charter schools.

Cook County, even paying the yield penalty most Illinois issuers face, landed $57 million in present value savings on a $285 million refunding in its first GO deal for more than two years..

The political and financial dysfunction of Illinois cost the state $12 million on Thursday’s $550 million bond pricing compared to its previous sale in January, according to a report from the University of Illinois Institute of Government and Public Affairs.

Illinois paid a steeper penalty to borrow Thursday after a fresh round of downgrades but a municipal market offering historically low yields helped disguise the spreads.

Kevyn Orr, who put Detroit into bankruptcy, said Chapter 9 is an option Chicago should have on the table as it steers its way through financial problems.

Illinois capital projects, including the Department of Transportation construction program, face imminent shutdown without at least a stopgap budget in place, officials in the administration of Gov. Bruce Rauner said.

The Federal Trade Commission plans to appeal a federal court judge’s refusal to block the merger of Illinois-based Advocate Health Care and NorthShore University Health System.

A suburban Chicago school district that ran into financial trouble after mishandling bond proceeds faces a Securities and Exchange Commission inquiry.

The Metropolitan Pier & Exposition Authority of Illinois absorbed a downgrade from S&P Global Services, reflecting a recent state government downgrade.

As Illinois brings a $550 million bond deal to market, its prolonged political gridlock is fueling debate over the market’s role as a disciplinarian.

Seven of Illinois’ public universities face a review for downgrade from Moody’s Investors Service.

Road projects in Illinois are imperiled by lawmakers' failure to reach accord with Gov. Bruce Rauner on fiscal 2017 state budget.

Political gridlock in Illinois spurred two downgrades and a watch for the state’s already tarnished bond ratings as its bill backlog balloons and red ink swells with no end in sight to a year-old budget stalemate.

Former Illinois capital markets director John Sinsheimer has launched a financial consulting business geared toward helping organizations align their financial resources with their strategic plans.

Chicago-based Presence Health received a Moody’s Investors Service downgrade that leaves it on the lowest rung of investment grade..

The Metropolitan Water Reclamation District of Greater Chicago sold $427 million high grade paper at what a local bond trader described as a “fair” market penalty given the tarnished names of Chicago and Illinois.

Illinois will take competitive bids on $550 million of new money general obligation bonds next week as the state barrels toward its second fiscal year without a budget.

The condition of the state’s road network will worsen without additional investments in highway infrastructure, said Illinois Transportation Secretary Randy Blankenhorn.