Illinois

Moody’s Investors Service last week downgraded Elmhurst Memorial Healthcare’s rating one notch to Baa2 due to the Illinois hospital operator’s modest operating performance for fiscal 2011 and the first half of fiscal 2012.

Cook County Commissioner and former Chicago Alderman William Beavers was indicted last week on three counts of filing false income tax returns and one count of endeavoring to obstruct and impede the Internal Revenue Service.

Chicago Mayor Rahm Emanuel and City Colleges of Chicago officials announced a $479 million, five-year capital program last week that relies on $274 million of future borrowing.

Warning lawmakers that their toughest task ahead is overhauling Medicaid and pensions, Illinois Gov. Pat Quinn unveiled a $33.9 billion fiscal 2013 general fund budget that holds spending in check through layoffs and state facility closures while leaving billions in unpaid bills.

Moody’s Investors Service has upgraded the Illinois Housing Development Authority’s housing bond program to Aa3 from A1 in recognition of its strong financial position reflected in an asset-to-debt ratio of 149%.

Fitch Ratings recently upgraded the debt of Illinois’ Regional Transportation Authority to AA as part of its review of tax-supported debt enterprises with an increased focus on operating risk and other factors.

Illinois Gov. Pat Quinn last week announced the award of $623 million in state funds for school district projects.

CHICAGO — Strapped for traditional funding to renovate one of its aging light-rail lines, the Chicago Transit Authority has hired Goldman, Sachs & Co. and two other firms as advisors to explore alternative financing options, including a public-private partnership.

The Internal Revenue Service is auditing $346.6 million of general obligation refunding bonds unlimited tax series and $50.79 million of GO refunding bonds limited tax series issued by the Metropolitan Water Reclamation District of Greater Chicago in May 2006.

Chicago finance officials submitted to the City Council bond ordinances seeking approval to sell more than $3 billion of new-money and refunding general obligation, water revenue, and O'Hare International Airport debt this spring.

CHICAGO — The Illinois Finance Authority on Tuesday advanced St. Louis-based Ascension Health Alliance's plans to issue up to $600 million of new-money and refunding debt tied primarily to its recent acquisition of Alexian Brothers Health System in suburban Chicago.

Chicago Mayor Rahm Emanuel and Cook County Board President Toni Preckwinkle last week said the two governments saved $20.5 million by collaborating in some areas over the last six months of 2011.

CHICAGO — Chicago Mayor Rahm Emanuel's finance team will introduce to the City Council this week an ordinance seeking approval to refund up to $1.75 billion of O'Hare International Airport general airport revenue bonds and passenger facility charge bonds for savings.

CHICAGO — Chicago-based Loop Capital Markets LLC has opened a public finance office in Little Rock, Ark., the first in a series of new regions it hopes to establish a presence in this year as it extends its reach from major metropolitan areas to smaller urban markets.

Chicago Mayor Rahm Emanuel announced last week the nomination of local public finance banker Martin Cabrera Jr. to serve as chairman of the Chicago Plan Commission.

Grigsby & Associates Inc. owner Calvin Grigsby said he will vigorously fight accusations leveled by the Illinois secretary of state that he failed to properly supervise a former banker in the firm's Chicago office who advised the Illinois Student Assistance Commission to invest in a bank that later failed.

Illinois Gov. Pat Quinn called for legislative action this year on pension and Medicaid reforms to stabilize the state's fiscal house but offered few details on how to accomplish that goal in his state of the state address.

Chicago Mayor Rahm Emanuel this week announced a second series of tax-increment financing reforms aimed at improving the program’s transparency and accountability.

A fiscal meltdown awaits Illinois in the coming years as its bill backlog rises from $9.2 billion this year to $34.8 billion in fiscal 2017 unless state lawmakers take action to rein in growing pension and Medicaid costs, a government research organization warned Monday.

CHICAGO — A former Grigsby & Associates Inc. public finance banker must pay a $15,000 fine for his role in advising the Illinois Student Assistance Commission to invest in a Chicago bank that later failed.