Illinois

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.

One day after Illinois lawmakers passed more than $300 million in tax relief to keep several companies from moving jobs out of the state, the top House Republican on Wednesday proposed legislation that would speed up the expiration of the corporate income tax hike driving company threats to flee.

The Illinois Finance Authority board advanced about $600 million of borrowing planned by the University of Chicago, Children's Memorial Hospital, and others before the end of the year and into 2012.

Chicago Mayor Rahm Emanuel has appointed a task force charged with reviewing the city’s existing ethics ordinance and recommending changes aimed at strengthening it and giving it teeth.

Standard & Poor’s downgraded the underlying rating of the Chicago Housing Authority’s 2006 capital revenue refunding bonds one notch to AA-minus because of lower debt service coverage ratios from federal funds.

The Chicago organization Women in Public Finance will recognize three women — Chicago's chief financial officer, Columbus' assistant auditor, and a public finance banker and financial advisor — at its sixth annual founders awards next month.

Standard & Poor’s revised its outlook to stable from negative on the Southern Illinois University Board of Trustees’ A-plus due to improved operations.

In response to Fitch Ratings’ revision of its outlook on O’Hare International Airport’s general airport revenue bonds to negative, Chicago aviation officials said they are confident the airport’s position as a key hub for bankrupt American Airlines will limit any service cuts as the carrier reorganizes.

CHICAGO — The Illinois General Assembly wrapped up a special, one-day veto session this week after approving budget changes that will allow seven state facilities to remain open while shooting down a $200 million to $250 million tax relief package that included breaks for companies threatening to leave the state.

Moody's Investors Service has downgraded Hospital Sisters Services Inc.'s rating by one notch to A1 due to sizeable operating losses at the Springfield, Ill.-based system.

The Illinois Housing Development Authority said it would use proceeds of its recent sale of $33.4 million of tax-exempt housing revenue bonds to finance four affordable multifamily developments.

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.