Illinois

Chicago city council members, who have long scrutinized minority and women-owned business participation in city bond deals, are turning their attention to the racial makeup of non-minority-owned firms awarded debt sales.

The University of Illinois heads to market with a $180 million new money sale that offers investors high grade state-related paper from a credit that has mostly weathered the state's own ratings deterioration.

Illinois House Speaker Michael Madigan introduced legislation to cut the state's business tax in half as state lawmakers shift their focus in the new legislative session from pension reform to taxes.

Standard & Poor's and Moody's both revised their outlooks to negative on the University of Chicago noting poorer than expected fiscal performance, planned deficits, and future borrowing plans.

Law firm Thompson Coburn LLP is bolstering its public finance team in Chicago with the addition of veteran public finance attorney Thomas Smith.

A broad coalition of Illinois unions accuses the state of pension "theft" in its long anticipated lawsuit that seeks to overturn the state's pension system overhaul before it takes effect in June.

Illinois Gov. Pat Quinn, in his state of the state speech, sought to highlight the state's fiscal strides, notably a major pension overhaul, but was quiet about the state's considerable remaining financial challenges.

Chicago is prepping two general obligation bond sales that will offer the first test of the market's appetite for the city's GO paper since being slapped with two three-notch downgrades over its pension woes.

Chicago's hotel occupancy ticked upward last year providing the city with a record level of nearly $106 million in hotel tax revenues.

Fitch Ratings on Monday upgraded Rush University Medical Center's debt by one notch to A-plus in recognition of its consistently strong profitability.

Illinois officials are traveling to share its newly available savings numbers for the state's pension overhaul, and other fiscal news, with investors ahead of $1 billion general obligation sale next week.

The Illinois State Toll Highway Authority kicks off its New Year with a long planned $400 million refunding that will be followed in late winter with new-money borrowing to support an ongoing $12 billion program.

Moody's Investors Service has revised its outlook to stable from negative on Springfield, Ill.'s A1 rating.

The Chicago Infrastructure Trust's inaugural financing had to shrink to $13 million from $27.5 million and alter other terms to reduce investor risk in order to secure a lender.

Six firms have responded to Indiana's request for qualifications to partner with the state for the $1.3 billion Illiana Corridor toll road connecting Indiana and Illinois, officials said Tuesday.

Cook County, Ill. is coming to market Thursday with $130 million of refunding bonds, marking the largest general obligation bond offering from an Illinois issuer so far this year.

Lombard, Ill. faces the possible loss of its investment grade ratings for failing to honor its appropriation commitments and triggering payment default on hotel conference center bonds.

Illinois released new pools of underwriting, financial advisory, and legal firms for bond sales over the next two years with the most notable change being the state's selection of a new sole bond and disclosure counsel.

Illinois finance officials plan to hit the road later this month to meet with investors and rating analysts ahead of a $1 billion general obligation sale set for early next month.

Veteran Chicago-based public finance attorney Chuck Katz has joined Polsinelli PC as the firm continues to build its business nationally across legal practices.