Illinois

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.

Washington, D.C., and Detroit have the strongest funded pension plans, with Chicago the weakest, Morningstar Inc. said in a research report.

Moody's Investors Service has revised its outlook on the University of Chicago Medical Center's Aa3 rating to negative over declines in is operating margins over the last two fiscal years.

Standard & Poor's has revised its outlook on Chicago-based Presence Health Network's BBB-plus rating to negative from stable over its operating losses.

Cook County, Ill., approved a new $3.2 billion spending plan for fiscal 2014 that raises no taxes and relies on federal aid under the new health care law to offset chronic shortfalls in its massive health system.

Fitch Ratings late Friday socked Chicago's general obligation rating with a triple-notch downgrade over its mounting pension woes and lack of a solution to date.

Illinois lawmakers wrapped up their annual veto session Thursday without acting on a state pension fix, but they did pass a pension overhaul for the Chicago Park District that is being labeled a framework for potential city changes.

Illinois cleared out its previous fiscal year's bills at the quickest pace since 2009 but its fiscal position could deteriorate as bills are again mounting and the income tax windfall of last April won't be repeated, the state comptroller warns in quarterly report.

The Chicago Infrastructure Trust settled on a model for its inaugural financing but may miss its goal of closing on $27 million deal by the end of the year.

Illinois expects to collect $369 million more in revenue than previously estimated by the end of the current fiscal year, according to new estimates.

Illinois legislative leaders reported "progress" on a fix for the state's underfunded pension system, but not enough to pass legislation this week during the General Assembly's annual veto session.