Illinois

Faced with the headwinds of negative credit action, Illinois is hoping to see demand from investors whose state paper holdings were paid off over the last year and recognize the state's fiscal strides as its offers $800 million of general obligation bonds on Wednesday.

Illinois' move to raise new revenue through an income-tax hike last year could not stave off a downgrade Friday by Moody's Investors Service, which cited the state's failure to address its massive unfunded pension obligations and chronic bill-payment delays.

Primary market volume for the week appears to be less than some in the industry expected following last week's paltry pickings. But this should be positive for pricing and involve less need to unload paper.

Seattle-based Perkins Coie LLP has hired a trio of public finance attorneys who will work out of the firm's Chicago office to help expand its health care business.

The Chicago suburb of Lombard paid a steep price in the form of a six-notch downgrade after it refused to dip into its own coffers to cover a $912,000 debt-service shortfall on hotel and conference center debt that carries village support.

The Lombard Public Facilities Corp. in Illinois drew $1.5 million from reserves to cover debt-service payments owed this month on nearly $190 million of revenue bonds issued in 2005 to finance construction of a hotel and conference center in the village.

Louisville, Ky.-based Hilliard Lyons has hired Chicago-based banker Alexander Rorke to lead an expansion of its public finance banking business across the firm's 13-state footprint.

The Illinois Department of Transportation will receive $186 million to continue construction on a high-speed rail line linking Chicago with St. Louis, U.S. Transportation Secretary Ray LaHood announced Wednesday.

Illinois' unfunded pension obligations grew by about $7 billion in fiscal 2011 but its funded ratio dipped just slightly to 43% from 45%, according to the state's latest pension figures released Tuesday in the offering statement for its upcoming $800 million general obligation issue.

Children’s Memorial Hospital’s plans to build a heliport on the roof of its partially bond-financed hospital under construction in downtown Chicago is being challenged by a community group.

The nation's largest nonprofit health care provider has extended its reach into the Chicago-area market with the acquisition of a suburban hospital chain.

Michigan-based Trinity Health, one of the nation's largest Catholic health care systems, will invest up to $150 million over the next five years as part of its acquisition of Mercy Health System if the deal is approved by an Illinois review board.

Growing unfunded pension liabilities and poor fund-balance levels are common challenges among many of the nine Chicago-area local governments whose finances are scrutinized by the Chicago Civic Federation.

Moody’s Investors Service has affirmed Roosevelt University’s Baa2 rating, but analysts revised the outlook to negative from stable, partly because of recent enrollment challenges and stagnant tuition growth.

A Cook County Circuit Court judge last week dismissed a lawsuit challenging the Illinois State Toll Highway Authority’s steep increase in tolls that will take effect Jan. 1 to fund a $12 billion capital program.

The Lombard, Ill., Village Board will vote at a meeting late Tuesday on an appropriation of nearly $1 million to cover a shortfall in the Jan. 1 debt service payment owed on its conference center and hotel debt.

Illinois will kick off the new year with a competitive general obligation issue on Jan. 11 of between $500 million and $750 million to fund its ongoing public works program.

Moody's Investors Service has lowered its rating to Baa3 from Baa2 on Anderson Hospital due to its weakened financial performance. The action affects $33.9 million of rated debt sold through the Southwestern Illinois Development Authority.

Chicago Mayor Rahm Emanuel said city departments have exceeded the $75 million budgetary savings goal he set for 2011 after taking office in May.

The Illinois State Toll Highway Authority board has adopted a $609 million budget for 2012 that anticipates $200 million in toll-backed borrowing as the agency embarks on its $12 billion, 15-year capital program to maintain and expand the 286-mile system.