Illinois

The Chicago City Council approved without debate Mayor Rahm Emanuel’s proposed $1.1 billion general obligation bond restructuring that helps resolve a liquidity crisis and eases budget pressures.

Illinois Gov. Bruce Rauner is turning to a television advertising campaign in an attempt to build public support for his position in a budget impasse with the General Assembly’s Democratic majority.

The Chicago City Council votes Wednesday on a $1.1 billion general obligation restructuring that helps the city resolve a liquidity crisis driven by its downgrade to junk while also providing a big dose of budget relief.

Chicago's $1.1 billion general obligation debt restructuring cleared the City Council Finance Committee Monday after a two hour hearing during which new chief financial officer Carole Brown defended plans to roll short-term operating expenses on to the city’s long-term debt load.

Non transportation-related capital projects would be put on hold if a budget impasse can’t be bridged by the start of the new fiscal year in two weeks, under a second wave of cuts and management maneuvers laid out by Illinois Gov. Bruce Rauner’s administration.

Moody’s Investors Service labeled Chicago’s shift of its floating-rate general obligation and sales tax paper to fixed-rate structures as a credit positive.

The College of DuPage board hired a consultant after putting its treasurer and controller on paid administrative leave after questions were raised over their investment decisions.

Chicago takes the first step toward moving $1 billion of short-term, cash flow obligations on to its long-term debt load at a City Council hearing Monday.

A coalition of environmental groups wants the Federal Highway Administration to withdraw its support for the controversial Illiana Corridor toll road.

Chicago officials will seek up to $1.1 billion of general obligation borrowing authority from the City Council to refinance short term paper into a longer term, fixed-rate debt.

If state lawmakers and Gov. Bruce Rauner can’t resolve their differences over a fiscal 2016 budget, the Illinois Hospitals Association is urging them to adopt a temporary spending plan.

Most payments by the Illinois state government will halt if Gov. Bruce Rauner and the General Assembly’s Democratic majority can’t break a logjam over a new budget.

Illinois Gov. Bruce Rauner has extended fiscal aide Donna Arduin’s contract with the administration locked in an impasse over the fiscal 2016 budget with the legislature’s Democratic majority.

The potential liquidity crisis triggered by another rating agency’s downgrade to junk was a short term headache Chicago could handle, according to the Kroll Bond Rating Agency, which affirmed the city.

The Illinois Senate returns to work Tuesday for a discussion on the state’s property tax system with Gov. Bruce Rauner pushing for a local freeze as a condition to ending a budget stalemate.

Indiana will continue to suspend all work and contracts tied to the $1.5 billion Illiana Corridor toll road until the fate of the controversial project becomes clear in cash-strapped Illinois.

Cook County's CFO said Moody's has been "more bearish" on the Chicago area than the other ratings agencies for years, and that he was disappointed but not surprised by the latest downgrade.

Illinois Gov. Bruce Rauner told his cabinet the state must prepare for operating and cash flow challenges if a stalemate over the fiscal 2016 budget isn't resolved.

Helped by a stronger revenue backing, Chicago’s remarketing of $112 million of sales tax-backed fared notably better Wednesday than its general obligation issue a week earlier, though spreads demonstrated a substantial market penalty.

Illinois Gov. Bruce Rauner is halting some tax credits and suspending the Illiana Corridor toll road project to achieve savings in the absence of a fiscal 2016 budget agreement