Illinois

Fresh from a new-money Build Illinois sales tax-backed sale, Illinois plans to return to the market early in June to refund $600 million in its largest issue ever under the 28-year-old bond program.

The Chicago Board of Education voted to shutter 49 schools in a move defended by the school system and board members as needed to right-size a district straining with a $1 billion budget deficit.

A one-time infusion of higher-than-expected income tax revenues helped Illinois make a $2.7 billion dent in its chronic unpaid bill backlog but the the number is expected to again climb in the coming months.

The fiscal condition of Chicago, Cook County, and five other local government pension systems deteriorated in 2011 by $4.6 billion, bringing their collective unfunded obligations to $32 billion.

The Illinois Health Facilities and Services Board last week signed off on two planned hospital mergers in the Chicago area.

Chicago began notifying its retirees this week that most will lose their healthcare subsidies over the next few years as Mayor Rahm Emanuel's administration seeks to shed a rising cost.

Chicago convention managers and Mayor Rahm Emanuel advanced plans Thursday for a new arena and makeover of the city's top tourist attraction as part of a $1 billion package of new and previously proposed tourism-and-entertainment projects.

Standard & Poor's has raised its rating by one notch on Riverside Health System to A-plus due to its leading market position and improved balance sheet.

Chicago City Council member Brendan Reilly said this week he has consulted with public finance experts in an exploration of how the city could finance a buy back of the parking meter system from private operators.

Illinois Gov. Pat Quinn's proposed $62.4 billion fiscal 2014 operating budget won the endorsement of a local government watchdog group, tempered by alarm over the state's mountain of unpaid bills and pension crisis.

Illinois' $300 million sale of high-grade taxable, sales-tax backed paper drew 11 bids all within a tight 19 basis point range, state officials said Thursday after the sale.

The Illinois Senate approved a pension reform package Thursday after Democrats argued it stands a better chance at surviving a legal challenge than a rival House bill.

Illinois expects to close out fiscal 2013 with $1.3 billion more in income tax revenue than previously projected, offering investors a rare bit of positive state financial news just ahead of a $300 million sales tax backed bond sale Thursday.

With labor union backing, the Illinois Senate will vote Thursday on a pension reform package setting the stage for a compromise with the House over a dueling plan or an impasse.

Fitch Ratings and Moody's Investors Service recently revised their outlooks on Methodist Medical Center of Illinois' rating to positive from stable in recognition of its improved operating performance.

The University of Chicago will offer up about $350 million of taxable and tax-exempt paper this week as it wraps up borrowing for the final phases of a $1.2 billion capital program and gears up for a new fundraising campaign.

Making a major leap toward addressing the state's pension crisis, the Illinois House passed a wide ranging reform package Thursday aimed at slashing the unfunded liabilities and reining in rising annual payments that are straining the state's fiscal foundation.

The Illinois Senate took another stab at a major expansion of gambling on Wednesday, approving a bill that supporters say could pump as much as $1.2 billion of one-time money into state coffers and $250 million annually.

Illinois will take competitive bids next week on $300 million of taxable sales-tax backed bonds, with another $1.6 billion in new-money and refunding debt in the works.

Chicago settled a legal dispute with the private operators of its parking meter system over lost revenue in an agreement that modifies the much maligned lease and could save the city as much as $1 billion over the next seven decades.