Illinois

Drawn by attractive interest rates, investors Tuesday bought up $300 million of bonds sold by the Chicago Board of Education, which has been dogged questions about its solvency.

Illinois Gov. Bruce Rauner's promotion of Chapter 9 as an option for some local governments may hinder efforts to help resolve fiscal struggles in a way that protects bondholders, Fitch Ratings warned.

Peel away the layers of negative headlines and patient investors will find in the this week’s $300 million Chicago Board of Education issue low default risks and underlying credit strength, according to Municipal Market Analytics.

Standard & Poor's has revised its outlook to negative from stable on Illinois Wesleyan University’s A-minus rating assigned to debt from a 2006 issue.

House Speaker Michael Madigan is taking aim at Illinois Gov. Bruce Rauner’s proposed $32 billion fiscal 2016 budget with the formation of a special oversight panel that will “closely examine” Rauner’s spending cuts.

In another big headline event for the Chicago Public Schools ahead of its bond sale, the district's chief executive officer is temporarily stepping aside as federal authorities probe a $20.5 million no-bid contract awarded to her former employer.

The Metropolitan Pier and Exposition Authority, which owns the Chicago’s convention center, has hired planning veteran and mayoral aide Lori Healey as chief executive officer.

The Chicago Public School system is limping back to the bond market next week following reports of a federal probe and bankruptcy talk from the governor.

Ill. Gov. Bruce Rauner's proposed $2.2 billion pension reform plan needs a thorough review to determine its long-term impact and whether it runs afoul of federal rules ahead of any legislative vote, two Illinois lawmakers said.

Illinois Gov. Bruce Rauner has tapped an Illinois banker -- Rob Funderburg -- to lead the Illinois Finance Authority board.

The $1.3 billion sweep of non general fund accounts to help close a shortfall in Illinois' current budget drew $300 from key transportation funds used to pay for capital projects and cover debt service, according to a report from a local government watchdog organization.

Underwriters and investors in billions of dollars in debt sold to finance the Prairie State coal-fired energy plant should come together to discuss relief for local municipalities burdened by the plant’s higher energy costs, according to an environmental group.

Moody’s investors Service socked a struggling Illinois school district with a four-notch downgrade, putting on the lowest investment grade run and warning that a drop to junk could loom.

With the election now behind him, Chicago Mayor Rahm Emanuel needs to make quick headway on solving the city's severe pension and budget woes if he hopes to avoid a rating downgrade, Standard & Poor's warned Thursday.

Chicago Mayor Rahm Emanuel has little time to savor his election victory as the city and the municipal market look for solutions to the city's daunting financial problems.

Counterparty Wells Fargo has so far refused to lower the rating threshold for three Chicago swaps that reached termination events through recent downgrades, a source said.

Chicago Mayor Rahm Emanuel won a second term Tuesday, fending off rival Jesus "Chuy" Garcia after casting him as ill-prepared to tackle the city's deep fiscal woes. Emanuel took 56% of the vote compared to Garcia's 44%.

As cash-strapped governments like Illinois and Chicago eye non-traditional revenues like gambling and marijuana, economists and government officials warned that so-called sin taxes are no panacea for budget shortfalls.

Moody's Investors Service April 6 stripped Illinois' North Chicago School District No. 187 of its investment grade rating as the district struggles with property tax valuation declines and operating deficits.

Chicago voters head to the polls to pick their next mayor Tuesday after a seven-week runoff contest where the city's fiscal ills have taken center stage in an election in which neither candidate is willing to talk about property tax increases.