Illinois

A lower court ruling throwing out Illinois' pension reforms isn't expected to trigger any immediate negative credit action or legislative moves, as all eyes turn to the Illinois Supreme Court.

Illinois' landmark pension reform law is headed to the Illinois Supreme Court following a lower court decision Friday that the benefit cuts violate the state constitution.

Calling the state's fiscal condition "stunningly bad," Illinois Gov.-elect Bruce Rauner called on Gov. Pat Quinn to freeze hiring and not move political appointees into union protected jobs.

Local county officials in Illinois will be offered special financial training on how to protect their coffers from corrupt fiscal practices similar to what happened in Dixon, Ill. where the comptroller stole more than $50 million in public money.

The Chicago Transit Authority's $1.4 billion 2015 budget won the endorsement of the Civic Federation of Chicago in recognition of the agency's fiscal strides.

The Chicago City Council approved new rules that require underwriting, advisory, and legal firms that work on Chicago bond deals to report the racial, ethnic and gender makeup of the teams on their transactions.

The Chicago City Council adopted Mayor Rahm Emanuel's $7.3 billion 2015 budget that pushes off a fix for a pension-related fiscal cliff until after next year's municipal elections.

Some Chicago aldermen want the SEC and city inspector general to investigate campaign contributions to Mayor Rahm Emanuel from executives at firms with city pension business.

Underwriting, advisory, and legal firms that work on Chicago bond deals would face heightened disclosure rules about the diversity of their teams working on a transaction under a proposed ordinance.

Cincinnati-based Dinsmore & Shohl LLP has hired public finance attorney Matthew Miller to bolster its Chicago office.

Metra, the transit agency that provides commuter rail linking Chicago suburbs to Chicago, approved a 2015 budget that sets the stage for the agency's debut as a tax-exempt borrower with an inaugural $100 million issue.

A Chicago parks advocacy group has launched a legal challenge to block Star Wars' creator George Lucas' plans to use a site along with Lake Michigan shoreline for his proposed museum.

The Chicago suburb of Bridgeview is restructuring $2 million of TIF bonds — and attaching its general obligation pledge to the debt — to help ease a massive debt tied to a troubled soccer stadium.

A Chicago-based fiscal watchdog group praised Cook County, Ill.'s proposed 2015 $3.7 billion budget for tackling a deficit without any new taxes, but warned the "enormous" problems lie ahead tied to pension problems and the county's massive public health system.

An influential Chicago area planning agency will press state lawmakers to establish a regional infrastructure fund supported by a quarter-cent sales tax increase with its eye on financing transportation, water, and open space projects.

Moody's Investors Service downgraded McLean County School District Number 87 in Bloomington, Ill. one notch to Aa2 as it prepares to come to market with a $20 million new money and refunding issue.

The fall meeting of the Municipal CFO Forum slated for Thursday and Friday in Chicago will focus on "financial communications."

New Trier Township High School District 203's board of education will discuss borrowing plans at a meeting next week following voter approval for an $89 million bonding referendum for renovations to its Winnetka, Ill. campus.

Illinois' unfunded pension obligations rose $11 billion in fiscal 2014, bringing the state's total tab to $111.2 billion while the state's contributions in fiscal 2016 will rise by $682 million, according to figures compiled by the Civic Federation of Chicago's Institute for Illinois Fiscal Sustainability.

Illinois Gov.-elect Bruce Rauner urged state lawmakers not to make any major legislative decisions until he is sworn into office along with a new General Assembly.