Illinois

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.

After scaling back on capital projects, Chicago Public Schools reversed course to bolster spending by $364 million in part to finance investments in schools slated to take students from more than 50 set to close.

Standard & Poor's raised DePaul University's issuer credit rating by one notch to A in recognition of its strong operating performance and overall growth.

Perri Irmer, the former executive director of the Illinois Sports Facilities Authority, is accusing the former board chairman and the Chicago White Sox owner of improperly ousting her from the position in a federal lawsuit.

The Securities and Exchange Commission today charged the chief executive officer of a Chicago-based advisory firm with lying to the California Public Employers' Retirement System and other clients about the amount of money managed by the firm.

Illinois Gov. Pat Quinn outlined plans to spend $12.6 billion over the next six fiscal years on transportation and said more spending and borrowing for capital projects is needed.

Moody's Investors Service has placed the general obligation bond ratings of 29 local governments and school districts including Chicago, Cincinnati, and Minneapolis on review for possible downgrade due to its new methodology for analyzing public pension liabilities.

Chicago officials reported that hotel occupancy last month hit a record level for a March, helping bring first quarter results to levels not seen in five years.

Major League Baseball's Chicago Cubs would privately fund an overhaul of the 99-year-old Wrigley Field and construction of an adjacent hotel and plaza under a tentative $500 million plan.

Siebert Brandford Shank & Co. LLC has hired the Chicago Transit Authority's former chief financial officer Karen Walker to lead its Chicago office.

The Illinois Supreme Court agreed Thursday to hear a direct appeal of a Circuit Court decision leaving intact a state overhaul of retiree health care benefits.