Illinois

From double-paging copies to reducing paid holidays, there's no shortage of ideas on how to improve Chicago's fiscal health pouring into Mayor Rahm Emanuel's office as his finance team readies a more than $6 billion 2013 spending plan.

The Illinois Sports Facilities Authority may refund bonds sold for Chicago's Soldier Field to ease the risk that Chicago will be called on to backstop debt service.

Moody's Investors Service hit the Chicago Public Schools' $6.4 billion of debt with its second downgrade in recent months and underscored its dim view of the credit by leaving it with a negative outlook as the district struggles with mounting fiscal challenges.

Illinois has submitted a draft airport layout plan to the FAA for a third regional airport to be located far southwest of Chicago. The airport has long been discussed but its advances have come slowly.

The Rahm Emanuel-backed Chicago Infrastructure Trust lined up pro bono help from Public Financial Management Inc. and Kirkland Ellis LLP as it plans its first project financing later this year.

The Chicago Board of Education on Tuesday tapped veteran corporate executive Peter W. Rogers to manage the cash-strapped district's finances as it struggles with a looming $1 billion deficit and must find the cash to pay for a $300 million four-year teachers' contract.

Cook County, Ill. officials hope that the Medicaid expansion provision in the Affordable Care Act will help reduce chronic deficits in its large public hospital system.

Local prosecutors in Lee County, Ill., last week filed dozens of felony theft charges against Rita Crundwell, the former comptroller of Dixon as part of an ongoing local and federal probe into the former official, who is accused of pocketing more than $50 million in public funds to support a lavish lifestyle.

Holy Cross Hospital and Sinai Health System, both in Illinois, announced the signing of a letter of intent to merge in September.

Chicago has trimmed about $71 million from the projected $369 million gap looming in its 2013 budget that is to be unveiled next month.

The Illinois Teachers' Retirement System's adoption of a lower projected rate of return on investments and other assumption changes will hike the state's scheduled payment in the next fiscal year by $470 million.

Chicago Mayor Rahm Emanuel and Chicago Public Schools' leaders shed little light Wednesday on how the cash-strapped district will afford the estimated $300 million price tag for a new four-year teachers' contract that ended the system's first strike in 25 years.

Illinois received 94 bids from 18 broker-dealers for $50 million of general obligation paper sold competitively last week.

Starved for capital funding, the Regional Transportation Authority of Illinois unveiled a $2.5 billion borrowing proposal Friday that relies on projected growth in existing revenue streams and maintenance savings to repay.

Moody's says Chicago Public Schools' already strained balance sheet can ill afford the added burden of its first teachers strike in 25 years with the "magnitude" of the union's demands and disruption negatively pressuring the credit.

Chicago's proposed new use agreement with Midway International Airport's airlines calls for more than $1 billion in capital and maintenance spending over its 15-year term as the city continues to weigh whether to privatize operations.

The Illinois Finance Authority advanced more than $345 million in new-money and refunding issues for healthcare, higher education, and cultural institutions.

Cook County Board President Toni Preckwinkle Monday appointed Reshma Soni as the county’s new comptroller.

Illinois will take competitive bids Thursday on $50 million of general obligation bonds in its first sale of the new fiscal year that comes after the state's latest downgrade due to pressing fiscal challenges led by legislative gridlock on pension reforms.

Chicago Public Schools' teachers went on strike for the first time in 25 years Monday with market participants closely watching to assess the fiscal impact of an eventual resolution on the cash-strapped district while also gauging the national ramifications for governments facing labor strife and the November elections.