Illinois

Chicago's top lawyer and attorneys for unions and pension fund members laid out their arguments before the court Thursday.

With no end to a budget stalemate in sight, Illinois House Democrats pushed through a $2.3 billion one-month spending plan Thursday after adding a provision that would allow the state to meet its payroll for the next 30 days.

An Illinois judge will rule July 24 on whether Chicago’s 2014 overhaul of its laborers and municipal funds pass state constitutional muster. Either way, the case will land on the Illinois Supreme Court’s docket.

Chicago intends to bring nearly $1.1 billion of general obligation bonds to market next week in a deal that allows it to discard remaining general fund liquidity risks tied to its credit deterioration by jettisoning expenses on to its long-term debt load.

With no let-up in tensions over a budget impasse, Illinois Gov. Bruce Rauner told House Speaker Michael Madigan Wednesday to get behind his reintroduced policy and governance reforms or push through a tax hike on his own choosing.

Chicago and unions challenging its overhaul of the municipal and laborers’ pension funds square off in court Thursday with the city’s efforts to stabilize its rocky fiscal foundation at stake.

Illinois Comptroller Leslie Geissler Munger plans an appeal of a court decision barring her from meeting the full state payroll without a fiscal 2016 in place, a decision that ups pressure on state leaders to resolve a budget impasse.

Moody's Investors Service punished the highly rated Chicago area water district anew for its shared tax base with the city, county, and schools that are struggling under the weight of big pension burdens.

Standard & Poor's, in a comment, said it is not taking action on Illinois' bond rating but is keeping a close eye on stalemated budget negotiations.

Fitch Ratings affirmed Chicago's BBB-plus general obligation rating and removed it rating watch negative though the agency continues to assign a negative outlook.

Standard & Poor’s has dropped the Chicago Board of Education’s general obligation rating two levels to BBB and put it on CreditWatch negative.

Illinois Attorney General Lisa Madigan and Comptroller Leslie Geissler Munger want the state courts to provide more clarity on what can be paid without a fiscal 2016 budget in place, including whether the state can meet its payroll.

Chicago's junk paper offers an enticing opportunity, says one buyside professional who views the city's credit as being on the upswing with a long term solution to its pension woes within reach.

Cook County, Ill. President Toni Preckwinkle said she plans to fast track her proposal to raise the sales tax by one percent by calling for a vote this month on the controversial proposal.

One day after scrambling to cover a $634 million teachers’ pension payment, Chicago and its public school system warned of the dire impact that looms if the state doesn’t either take over the district’s pension fund or cover a big share of the cash-strapped district’s contributions.

A one-month, $2.26 billion budget to fund essential services in Illinois amid an ongoing stalemate over a fiscal 2016 budget failed in the House Wednesday.

The Illinois General Assembly's Democratic majority will press ahead Wednesday with a vote on a $2.26 billion, one-month budget to fund essential services as the new fiscal year dawns with no end to a budget stalemate in sight.

Chicago and school officials plan Wednesday to lay out a comprehensive, long-term plan to address the pension and funding inequities for Illinois' schools.

Chicago Public Schools intends to make a $634 million pension payment due by the end of June 30, House Speaker Michael Madigan said.

Issuers from Illinois, Wisconsin and Michigan compared notes on market challenges at the Bond Buyer's Midwest conference; Illinois credits face the toughest sledding.