Illinois

Chicago Mayor Rahm Emanuel last week took action to put his stamp on the Illinois Sports Facilities Authority board, appointing three new members from the financial services industry who are charged with undertaking reforms and streamlining operations at the city-state agency.

CHICAGO - The Cook County, Ill., Board of Commissioners late Friday approved a $2.9 billion 2012 budget that credit analysts praised as taking some steps toward long-term structural reform for the nation's second-most-populous county.

CHICAGO - Illinois Gov. Pat Quinn on Friday signed legislation authorizing the issuance of up to $2.4 billion in revenue bonds to pay off federal loans to fund the state's unemployment insurance program.

CHICAGO - Almost out of cash to keep operating, an upscale retirement facility in downtown Chicago financed with $229 million of bonds filed for Chapter 11 bankruptcy this week after the failure of negotiations with a group of investors aimed at buying the facility breathing room.

CHICAGO - The Chicago City Council Wednesday unanimously approved Mayor Rahm Emanuel's rookie budget, a $6.3 billion spending plan for 2012 that eliminates a $635 million gap with layoffs, cuts, debt restructuring, and a series of tax, fine and fee increases.

Chicago Mayor Rahm Emanuel and Chicago Transit Authority president Forrest Claypool last week unveiled the first of hundreds of new rail cars.

Illinois lawmakers wrapped up a two-week veto session late last week by approving a package that authorizes $2.4 billion in revenue bonding authority to end the state's reliance on federal loans to fund its unemployment insurance program.

CHICAGO - The Illinois Finance Authority board signed off on three new financings at its meeting Tuesday, including the first to take advantage of its new cross-border conduit issuance powers.

Illinois Gov. Pat Quinn and Chicago Mayor Rahm Emanuel announced last week the $1 billion reconstruction of the Chicago Transit Authority’s busy Red Line.

Moody’s Investors Service upgraded the Waubonsee Community College District 516 one notch to Aa1 in recognition of its large and growing tax base and strong fiscal position.

CHICAGO - Chicago enters the market this week with $412 million of new-money general obligation bonds ahead of an expected vote next week on Mayor Rahm Emanuel's first spending plan.

CHICAGO - Novi, Mich.-based Trinity Health's possible acquisition of the stand-alone, 159-year-old Mercy Health System, based in Chicago, last week advanced when the two Catholic health care providers announced they had signed a nonbinding letter of intent to negotiate a union.

CHICAGO - A prominent fiscal watchdog group in Chicago is praising Cook County, Ill.'s proposed $2.9 billion 2012 budget for closing a $315 million deficit but warns that a chronic structural gap will continue to mount without more action.

CHICAGO - The chief financial officer of pharmaceutical wholesale company H. D. Smith will take over as CFO of Chicago Public Schools next week.

CHICAGO - Moody's Investors Service warned Thursday that Illinois' crackdown on the property-tax exemptions of nonprofit hospitals over the amount of charity care they provide could pose a credit threat to the sector here.

CHICAGO - Two large Chicago-area health care systems announced Wednesday they have finalized a merger that will create the largest Catholic health care network in Illinois.

A Chicago government review group has endorsed DuPage County’s proposed $435 million 2012 budget in recognition of its efforts to cut spending and hold its property tax levy steady.

CHICAGO - Chicago will tap its high-rated sales tax credit this week to primarily refund general obligation bonds in a $238 million deal that marks the inaugural market outing by new Mayor Rahm Emanuel's administration.

CHICAGO - Cook County, Ill., Board President Toni Preckwinkle Tuesday proposed a $2.9 billion all-funds budget for fiscal 2012 that closes a $315 million shortfall with a mix of cuts and tax and fee increases.

Illinois Gov. Pat Quinn and Chicago Mayor Rahm Emanuel this week announced agreements with two McCormick Place Convention Center labor unions, solidifying reforms enacted last year.