Illinois

The Illinois Sports Facilities Authority is hoping to bring a roughly $278 million refunding to market this summer as it looks to ease the challenges of managing an escalating debt service schedule with an economically sensitive revenue stream.

A second debt service payment default was triggered after the Lombard, Ill., board voted not to honor its appropriation commitment on a portion of $190 million of bonds issued for a struggling hotel and conference center.

Moody's has hit well over a dozen Illinois municipal credits — led by Chicago and Cook County — with single and multiple notch downgrades over the last year primarily due to the strains of their unfunded pension liabilities.

Fitch Ratings dropped Cook County's general obligation rating by one notch to A-plus over the strain of its severely underfunded pension system.

The Illinois Supreme Court's decision that state constitutional protections of pension benefits apply to retiree healthcare premium subsidies "casts doubt" on recent local and state pension reform efforts, Moody's Investors Service said.

The Illinois Finance Authority signed off on up to $700 million in new-money and refunding borrowing for the University of Chicago and a first time IFA approved borrowing by a college foundation to fund affordable student loan.

Erica Borggren, the Illinois director of veteran affairs, was named acting secretary of the Transportation Department following Ann Schneider's resignation after questions were raised over the department's hiring practices.

Chicago named one of its financial consultants, Martin J. Luby, as its independent registered municipal advisor to evaluate financing proposals as it seeks to comply with new regulations without stemming creative financing suggestions.

The Chicago Public Schools unveiled a proposed $5.7 billion fiscal 2015 budget that relies on a windfall of property tax dollars by extending its collection cycle into the next fiscal year to help wipe out a $900 shortfall.

Illinois retiree healthcare premium subsidies are protected by the state constitution, the Illinois Supreme Court concluded in a challenge that could foreshadow the fate of the state's more recent pension overhaul.

Illinois entered the new fiscal year Tuesday with $4.6 billion in unpaid bills and another $1.1 billion expected in the coming months, according to data provided by Illinois Comptroller Judy Baar Topinka's office.

Chicago will host its annual investors' conference on Friday, Aug. 8 to update market participants on the city's credit including progress made over the last year on the pension front and ongoing strains.

Illinois Gov. Pat Quinn vetoed $250 million in spending for state capitol renovations as he signed into law a series of bills that make up much of the state’s $35.7 billion budget for the fiscal year that begins Tuesday.

Moody's Investors Service has downgraded two Chicago suburbs – one by three notches – for growing pension debt and a looming requirement that they increase their pension contribution or risk losing state aid.

Three of Illinois' five pension funds have revised their investment rate of returns, a move that could drive up the state's future projected contributions and cut in the savings of the pension overhaul adopted by lawmakers.

The Chicago Public Schools announced plans to cut more than 1,000 employees in a move that comes ahead of the district's release of a fiscal 2015 budget that must close a nearly $1 billion budget gap.

Cook County, Ill., home to Chicago, is facing a $169 million shortfall in the upcoming fiscal year, county board President Toni Preckwinkle warned Thursday.

The SEC's latest action continues to illustrate the commission's intent to vigorously enforce the muni bond space, securities lawyers said, and might also illustrate why issuers might hesitate to participate in its controversial self-reporting program.

Harvey, Ill. and its comptroller, Joseph T. Letke, are accused of misusing bond proceeds and misrepresenting investment risks in a civil complaint filed by the Securities and Exchange Commission that led to an injunction blocking an upcoming issue planned by the Chicago suburb.

Three members of Illinois' congressional delegation are calling on the Federal Aviation Administration to complete a new environmental impact study and hold new public hearings on Chicago's $8 billion runway expansion.