Illinois

CHICAGO - Illinois is gearing up to issue $1 billion of new-money debt before the end of the year to support its $31 billion capital budget, deals that are taking shape amid a fiscal picture that is more stable than a year ago after an income tax increase but facing renewed headwinds.

CHICAGO - With a sizable bond issue coming, Fitch Ratings hit Cook County, Ill., with a downgrade to AA-minus from AA and revised its outlook to negative at the lower rating, warning that the nation's second-largest county faces persistent fiscal challenges.

CHICAGO - Chicago Mayor Rahm Emanuel on Thursday turned to outside the state's borders to tap Charlotte, N.C., housing official Charles Woodyard as the new chief executive officer of the Chicago Housing Authority.

Moody’s Investors Service has downgraded Monmouth College by one notch to Baa3, the lowest investment-grade level, and assigned a negative outlook as the school grapples with a weakening market position and operating pressures.

Chicago has struck a labor agreement that calls for employees to participate in a wellness program with an estimated savings of $20 million in its first year. The pact was announced last week by Mayor Rahm Emanuel and Federation of Labor president Jorge Ramirez.

CHICAGO - The Chicago Park District will enter the market this week with about $178 million of general obligation bonds to raise new money for its annual capital program and to refund debt.

CHICAGO - Chicago will hold its first-ever investor conference next month as new Mayor Rahm Emanuel and his chief financial officer, Lois Scott, seek to bolster the city's strained fiscal image with the buyers of its debt.

CHICAGO - The Illinois Finance Authority board this week approved Novi, Mich.-based Trinity Health Corp.'s issue of up to $600 million tied to its acquisition of Loyola University Health System in suburban Chicago, and advanced a Midwestern disaster area revenue bond issue for Cargill Inc.

CHICAGO - Illinois wrapped up its election of new underwriting, financial advisory and bond counsel pools this week, significantly expanding to 25 the number of firms qualified to serve in the top spot on the state's negotiated sales while narrowing its bond counsel to one: Mayer Brown.

Chicago-based Mercy Hospital is discussing some form of a union with Novi, Mich.-based Trinity Health Corp., according to published reports.

CHICAGO - Illinois Gov. Pat Quinn on Thursday announced plans to shutter seven state facilities and lay off 1,900 employees to save $313 million, blaming the action on lawmakers' failure to approve adequate funding in the $33 billion fiscal 2012 general fund budget to fully support state spending.

CHICAGO - Chicago Mayor Rahm Emanuel Thursday introduced to the City Council ordinances seeking approval for up to $500 million of general obligation bonds and the authority to refund up to $250 million of sales tax revenue bonds.

A mayoral task force on tax-increment financing reform in Chicago has recommended greater oversight of private subsidies in TIF districts and the development of a multi-year economic development plan to better judge the value of projects.

CHICAGO - Chicago-based law firm Chapman and Cutler LLP has hired public finance attorney Robert Drillings to staff the New York office and expand the firm's municipal practice there as well as in New England and the mid-Atlantic region.

The Chicago Board of Education last week unanimously approved a new $5.9 billion budget that eliminates a $712 million deficit through cuts, use of reserves, and a property tax hike.

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.