Illinois

Investors endorsed Illinois’ pension restructuring legislation with state paper trading at tighter spreads while rating agencies, though cautious, called the overhaul a positive step.

Illinois Gov. Pat Quinn promised a prompt signature on the pension overhaul lawmakers delivered Tuesday, setting the stage for battles over its legality and effectiveness.

Ending a two-year political impasse, the Illinois General Assembly approved sweeping changes to the state's pension system billed by its backers as a "landmark" overhaul that will stabilize both the system and the state's fiscal foundation.

Democratic and Republican backers of legislation to fix Illinois's pension mess portrayed it as landmark legislation that represents the best shot at both stabilizing the system and the state's fiscal foundation while unions attacked it as unfair and unconstitutional.

With the market focused on Illinois ahead of a Tuesday vote on a pension system fix, the state has announced plans to take competitive bids on $350 million of taxable general obligation bonds next week to meet ongoing capital funding needs.

Illinois lawmakers convene Tuesday to vote on a package of reforms agreed to by their leaders with the aim of stabilizing a pension system saddled with $100 billion of unfunded obligations.

Illinois General Assembly leaders met Tuesday in their continuing effort to hash out a pension overhaul in anticipation of a vote next week during a possible special session.

The Chicago City Council overwhelmingly approved a $7 billion 2014 budget that is balanced but with little buffer to absorb a $600 million pension payment spike looming in 2015.

Moody's Investors Service revised its outlook on the Chicago Symphony Orchestra's A3 rating to stable from negative in recognition of its improving.

Two Illinois health systems – Cadence Health and Rockford Health System – announced their plans this week to merge, the latest in a long list of healthcare unions in the state in recent years.

Chicago-based law firm Shefsky & Froelich and Ohio-based Taft Stettinius & Hollister LLP have agreed to join forces.

Illinois will soon begin remarketing $600 million of variable-rate paper from a 2003 issue with fresh letters of credit from six banks to replace an expired liquidity facility from Depfa plc.

Chicago plans to enter the market Thursday with $326 million of Midway International Airport second lien refunding bonds in a long planned restructuring that was on hold as the city pursued a privatization deal.

The Illinois Finance Authority approved plans by long-struggling East St. Louis to free itself from state advisory oversight and laid the groundwork for Pace suburban bus service to borrow for capital projects.

Illinois Gov. Pat Quinn tapped former Chicago Public Schools leader and former city budget director Paul Vallas as his running mate in the 2014 election.

Illinois hopes to select a private partner to develop its estimated $1.1 billion share of the proposed Illiana toll road by next fall with the goal of closing on a finance package as soon as early 2015, a top state transportation official said Thursday.

Cook County, Ill., heads to market as soon as next week with a new bond team selected out of the county's newly assembled, three-year bond team pool.

The Chicago Infrastructure Trust approved its inaugural financing -- a $27.5 million tax-exempt private placement to finance city energy efficiency projects – advancing it to the City Council.

American Airlines and US Airways Group Inc. settled an antitrust lawsuit with the U.S. Department of Justice, clearing American's path to exit bankruptcy and repay its municipal bondholders.

The Illinois Finance Authority is selling $134.5 million of top-rated state revolving fund bonds in a deal that marks the state's first SRF borrowing in nine years and ushers in an expanded $1 billion loan program.