Illinois

CHICAGO — The Illinois State Toll Highway Authority board Thursday approved a $12 billion, 15-year capital program that relies on a steep increase in passenger tolls to repay $4.8 billion in borrowing and raise cash to maintain and expand its existing 286-mile system.

CHICAGO — Illinois Gov. Pat Quinn this week signed legislation that paves the way for the state's future use of public-private partnerships to finance transportation projects, a change supporters hope will jump-start proposed projects that lack public funding.

CHICAGO — Ahead of the Chicago Board of Education's expected vote Wednesday on a new $5.9 billion budget, a local watchdog group endorsed the plan to eliminate a $712 million deficit through cuts, use of reserves, and a property tax hike, but warned of a looming fiscal crisis unless the district overhauls its spending habits.

Cook County's real estate valuation fell nearly 11%, or $66 billion, in 2009 from a year earlier, a new analysis says.

The state-appointed Budgeting for Results Commission, charged with making recommendations on how to better manage the Illinois budgeting process with an eye towards achieving better results, held its first meeting late last week.

CHICAGO — Chicago Mayor Rahm Emanuel marked his first 100 days in office Monday by highlighting his progress in cutting city spending and implementing reforms aimed at improving government operations and public transparency.

CHICAGO - Public hearings began Thursday on the Illinois State Toll Highway Authority's proposed 15-year, $12 billion, partially bond-financed capital program ahead of a possible board vote next week at which one board member will push an alternative.

CHICAGO - A trio of nonprofit hospitals in the Chicago area, including the prominent Northwestern Memorial's Prentice Women's Hospital, are expected to appeal the Illinois Department of Revenue's decision earlier this week to deny them their property-tax exemptions for failing to provide sufficient charity care.

CHICAGO - Novi, Mich.-based Trinity Health Corp. received preliminary approval from the Illinois Finance Authority board this week for its planned sale of about $550 million of debt tied to its recent acquisition of Loyola University Health System in suburban Chicago.

Moody's Investors Service raised its rating on the Northwestern Medical Faculty Foundation by one notch to A1, affecting $75 million of debt, due to its increasingly close affiliation with Northwestern Memorial Hospital and Northwestern Feinberg School of Medicine and an improving fiscal position.

CHICAGO — St. Petersburg, Fla.-based Raymond James & Associates is hoping to carve out a bigger chunk of senior-manager business in the Midwest with two new public finance hires in Chicago, one to bolster the firm's local government team here and the other to focus on large governmental issuers.

CHICAGO — Chicago Public Schools unveiled a proposed $5.9 billion fiscal 2012 budget on Friday that closes a $712 million deficit through a mix of administrative and program cuts, a property tax increase, and with $241 million in reserves.

CHICAGO - With no near-term plans to resurrect his predecessor's proposed lease of Midway Airport to private operators, Chicago Mayor Rahm Emanuel wants to leave the door open to it by asking the Federal Aviation Administration to preserve its approved slot under a pilot program.

CHICAGO - Accompanying his announcement last week that Chicago faces a $635.7 million gap in its next budget, freshman Mayor Rahm Emanuel also released a 54-page report that lays bare the city's stark fiscal woes in plain English for all eyes, from the voting public to investors and analysts.

The Chicago City Council last week approved Mayor Rahm Emanuel ethics ordinance imposing new rules on city lobbyists, including public finance bankers, financial advisers, and lawyers who seek work on city bond sales.

CHICAGO - Chicago faces a $635.7 million budget gap in 2012 that could rise to nearly $800 million in 2014 if the city doesn't take steps to better align its spending and revenues, Mayor Rahm Emanuel warned Friday in announcing preliminary budget figures.

CHICAGO - With its seven-year-old $6 billion capital program nearing completion, the Illinois State Toll Highway Authority on Thursday unveiled a follow-up $12 billion, 15-year plan that relies on a toll increase to help repay an estimated $4.8 billion of new borrowing.

CHICAGO - Cook County, Ill., faces a nearly 16% shortfall in its general fund next year as revenues continue to fall, officials said yesterday as they unveiled preliminary 2012 budget numbers.

CHICAGO - The Cook County, Ill., Board of Commissioners Wednesday approved a master bond ordinance that clears the way for the new administration's first finance team and its first market ­transaction.

Gov. Pat Quinn last week made four appointments to the board of the Illinois Sports Facilities Authority, including former state Senate President Emil Jones Jr. as its chairman.