Illinois

Investors who hold some of the $4.5 billion of revenue bonds issued for the controversial Prairie State Energy Project can take heart that the project's long-term economics remain favorable for participating public power agencies despite cost overruns, says Moody's Investors Service.

Fired last summer by Blaylock Robert Van LLC, Chicago-based public finance banker Frank Paul has filed a charge of race and age employment discrimination against his former employer with the U.S. Equal Employment Opportunity Commission.

A group of prominent Illinois-based civic groups Thursday banded together to intensify pressure on lawmakers to act now during a special legislative session to overhaul the state's pension system weighed down by $95 billion in unfunded obligations.

The funded ratios of 11 pension funds that cover Chicago, Cook County and statewide municipal workers in Illinois deteriorated in 2011 and they collectively now carry $37 billion of unfunded obligations, according to a new report.

Chicago has reached a settlement with St. John United Church of Christ that includes a $1.3 million payment for church land that had housed a cemetery moved to make way for a new runway at O'Hare.

The Illinois State Toll Authority board has approved a $1.5 billion budget for the coming year along with $1 billion in toll-backed bonds in the agency's first borrowing to support its 15-year $12 billion capital program.

Women in Public Finance will honor three professionals next month in Chicago at the national organization's 7th annual founders' awards.

Moody's Investors Service has upgraded the rating on the village of Hodgkins, Ill., $36.6 million of Metropolitan Biosolids Management project revenue bonds to Aa3.

Chicago Mayor Rahm Emanuel's announcement that the city will explore leasing Midway International Airport to private operators came with a full court press to portray any eventual deal as a good one for taxpayers.

The Illinois Finance Authority board signed off on a $90 million financing package for Clare Oaks continuing care retirement community in suburban Chicago as part of a Chapter 11 reorganization plan submitted by bondholders.

Chicago is exploring a second try at privatizing its Midway International Airport, Mayor Rahm Emanuel's administration announced Friday.

The RTA of Illinois board put off a scheduled vote Wednesday on its 2013 budget due to an impasse over the level of fiscal information provided by one of its service boards on up to $1 billion of planned borrowing.

A coalition of public unions attacked pension reform plans floated by Gov. Pat Quinn and lawmakers as unconstitutional and offered to increase their contributions if the state guarantees to annually fund its share needed to shore up the system.

Holders of bankrupt American Airlines' New York City airport debt are weighing a settlement offer that would pave the way for the carrier to assume its lease at John F. Kennedy International Airport.

Moody's Investors Service lowered Roosevelt University's rating one notch to Baa3 as the Chicago-based school struggles with enrollment challenges.

Moody's Investors Service revised its outlook on Illinois to negative from stable, the latest in a series of blows to the state's already-low credit due to its massive unfunded pension obligation.

The Illinois Finance Authority gave initial approval to a $120 million financing tied to the installation of an automated open payment fare collection system for the Chicago Transit Authority using a unique structure.

The Chicago BOE will refund $110 million of general obligation bonds for budget relief that will help fund the new teachers' contract inked earlier this year that ended its first strike in more than two decades.

Chicago's transit system needs a reliable revenue stream that provides at least $2 billion annually over multiple years, a new study warned.

The Chicago Infrastructure Trust may move next month to solicit private market interest in funding energy efficient upgrades to city facilities and public schools in what would mark the not-for-profit's first project financing on behalf of the city.