Illinois

After a failed stab at asking state lawmakers to extend a teacher pension payment holiday, Chicago Public Schools announced a new round of cuts Friday as the district carves away at a $1 billion deficit in its next budget.

The federal government has formally invited Chicago to apply for a $292 million loan to help finance its new $884 million intermodal facility at O'Hare International Airport.

The Illinois Sports Facilities Authority has launched a search for underwriters to help refund or restructure its debt.

Illinois lawmakers handed the Illinois Finance Authority some additional financing tools.

Illinois captured about $55 million in savings on its $600 million refunding Tuesday of high-grade sales-tax backed paper.

The ratings of Illinois' eight public universities and their collective $2.5 billion of debt face a potential downgrade over exposure to the state's fiscal woes, Moody's investors Service warned.

For the second year in a row, Cook County, which includes Chicago, has released its annual audit on time after failing to do so for more than a decade.

A lawsuit filed in Cook County Circuit Court against the Illinois Department of Revenue claims changes made in 2012 to the state's charity care law that governs not-for-profit hospitals violates the state constitution.

Chicago's motor fuel tax credit took its second ratings hit in a week with Moody's Investors Service dropping its rating one level to Baa1 over exposure to Illinois.

Illinois set the last week of June for its planned sale of $1.25 billion of new-money under its battered general obligation credit and demand for project funding is too great to pull the sale over negative headwinds said John Sinsheimer.

Illinois Gov. Pat Quinn called a special legislative session for June 19 to try to break the gridlock on pension reform that prompted the second blow to the state's already weak general obligation rating Thursday.

The Chicago City Council ratified revisions to the much-maligned 75-year parking meter lease that Mayor Rahm Emanuel promoted as cutting the city's long-term penalties for lost parking revenue to the private meter operators.

Fitch Ratings lowered Chicago's motor fuel tax revenue bond credit one notch ahead of the a planned $100 million refunding issue, in a move triggered by the agency's downgrade of Illinois.

Fitch Ratings moved Monday to punish Illinois' inaction on pension reform during its legislative session by knocking its general obligation and appropriation ratings down one level and warning of the potential for further deterioration.

Illinois Gov. Pat Quinn's administration started the week bracing for further credit deterioration in response to lawmakers’ adjournment of their regular session without solving the state's pension crisis.

The highly-regarded Rehabilitation Institute of Chicago received a first time rating of A-minus from Fitch Ratings that banks on a successful fundraising campaign to help repay debt being issued to finance a $550 million replacement facility.

The prospects for passage of comprehensive legislation to overhaul Illinois' faltering pension system before lawmakers adjourn Friday dimmed after the Illinois Senate overwhelmingly rejected a House-sponsored reform package estimated to save the state $187 billion in the coming decades.

With the clock ticking on a Friday adjournment, Illinois lawmakers are wrapping work up on fiscal 2014 budget bills but a fix for the state's pension crisis still on the table.

Chicago is seeking to reduce the size of the $58 million award an independent arbitration panel ruled the city owes private operators of four downtown city and park district-owned parking garages.

Acacia Financial Group Inc. fired Courtney Shea – the former public finance banker hired to open a Chicago office in 2009 -- and added former banker and investment asset manager professional Jim Beck to its Chicago team.