Illinois

Chicago's lawyers warn that the fiscal well-being of the city and its sister governments hangs in the balance as the Illinois Supreme Court considers whether the state's sovereign police powers trump constitutional protections against cutting pensions.

Newly installed Illinois Gov. Bruce Rauner's executive order halting new contracts puts a hold on some pending contracts planned by the state's tollway agency and planning work on the proposed Illiana toll road.

Illinois-Based Rush University Medical Center hits the market Thursday with its first time issue in more than five years accompanied by a trifecta of good credit news on the $500 million refunding.

The Illinois attorney general has made her pitch to the state Supreme Court on behalf of legislation designed to restructure the state employee pension system.

Outgoing Illinois Gov. Pat Quinn signed a legislative package that includes a measure setting a special election in 2016 to fill the latter half of the late Judy Baar Topinka's new term as comptroller.

Bruce Rauner took over the Illinois governor's office Monday, vowing to fix the state's bleak finances through shared sacrifice, bolster its competitive edge for business, improve education, and to end "business as usual."

Illinois lawmakers set a 2016 special election to fill the final two years of the late Judy Baar Topinka's upcoming term as comptroller, in a move attacked by Republicans as a political jab at incoming Gov.-elect Bruce Rauner.

Standard & Poor's has revised Illinois-based Carle Foundation's outlook to positive in recognition of its strong financial performance and improved balance sheet.

Lombard, Ill.'s refusal to cover a debt service shortfall on $190 million of bonds issued for a struggling hotel and conference center has triggered a new payment default.

Illinois and Gov.-elect Bruce Rauner face a sea of red ink because shrinking income tax revenue will fail to keep pace with rising pension and health insurance costs, according to outgoing Gov. Pat Quinn's latest three-year budget forecast.

Illinois Gov.-elect Bruce Rauner named Leslie Geissler Munger to serve the new term of Comptroller Judy Baar Topinka, who died last month after her re-election.

New Trier Township High School District 203 will soon offer nearly $90 million of voter approved bonds to finance an overhaul of its New Trier High School that serves the affluent north suburbs of Chicago.

Chicago faces a second lawsuit challenging the constitutionality of reforms adopted last year that overhauled two of its four pension funds.

Incoming Illinois Gov. Bruce Rauner last week released a memo accusing former governors of “fundamentally dishonest” budget practices that led to the state's current financial crisis.

Unsustainable and unaffordable pension obligations that crowd out funding for essential services and infrastructure necessary for the health, safety and welfare of Illinois' citizens shouldn't override constitutional mandates on a government's purpose, said municipal restructuring veteran James Spiotto.

The Illinois State Toll Highway Authority will head into its fourth year of a $12 billion, 15-year infrastructure program with record capital spending planned.

The Regional Transportation Authority of Illinois heads into the new year with a $2.9 billion operating budget and $3.8 billion five-year capital program that relies on federal funds and loans, and borrowings including inaugural issues from two of its service boards.

The Iowa Fertilizer Co. plant under construction needs an additional $100 million, the company reported in a recently posted bond disclosure.

The Chicago suburb of Rosemont plans to sell $37.5 million of taxable general obligation bonds next month to bring its public safety pensions up to near full funded status.

Illinois Gov. Pat Quinn tapped his longtime friend, aide, and acting budget director Jerry Stermer to serve out the waning weeks of the late Judy Baar Topinka's term as comptroller.