Illinois

CHICAGO - The top-rated College of DuPage in Illinois will hold its first-ever retail order period Tuesday for $105 million of mostly new-money bonds that will finance various building improvement and maintenance projects, including the completion of its Homeland Security Education Center.

CHICAGO - In a sign of Illinois' ongoing fiscal challenges, its net assets deteriorated by $8.4 billion in fiscal 2010, pushing its deficit in that category of financial reporting up to a negative $37.9 billion, according to a new report from state auditor general William Holland.

CHICAGO - The Illinois Finance Authority board Tuesday signed off on Advocate Health Care Network's sale of up to $533 million of new-money and refunding bonds, and the newly merged Central DuPage Health-Delnor Health System's $190 million direct-purchase issue.

Former Chicago corporation counsel Mara Georges has followed her boss, former Mayor Richard Daley, to the law firm of Katten Muchin Rosenman LLP as a partner.

Construction of a western bypass expressway around O'Hare International Airport would create at least 78,000 jobs and strengthen the regional economy, but financing the $3 billion project likely would have to come from tolls, according to an advisory council report announced by Illinois Gov. Pat Quinn last week.

Moody's Investors Service changed its outlook on Decatur Memorial Hospital's A2 rating to negative from stable due to a downturn in its operating performance. The action applies to nearly $40 million of debt.

Chicago Mayor Rahm Emanuel last week announced a series of work rule changes, beginning the process that could lead to 625 layoffs to help erase red ink in the current city budget.

CHICAGO - The Metropolitan Water Reclamation District of Greater Chicago will debut expanded pension disclosure and hold its first retail-order period this week when it sells of $400 million of general obligation bonds to finance projects in its $2.6 billion capital program.

CHICAGO - The Lombard, Ill., Public Facilities Corp. drew $1.5 million from reserves to complete July 1 debt service payments on a portion of its $187 million of bonds issued to help finance a hotel and conference center that is struggling to remain solvent.

CHICAGO - The new administration in Cook County, Ill., has picked its first bond team, relying almost exclusively on locally based and minority-owned firms.

CHICAGO - Keeping Midwestern municipal market professionals busy this summer, Chicago and Illinois have each launched a competitive selection process to complete updated pools of qualified firms to work on future negotiated bond sales.

Moody's Investors Service has upgraded Loyola University Chicago's rating one level to A2 following the completion of the school's sale of its health system to Trinity Health on June 30.

Newly installed board members of the Illinois Student Assistance Commission — under fire for its oversight of the troubled College Illinois prepaid tuition program — voted Friday to oust its executive director, Andrew Davis.

CHICAGO - The Illinois Supreme Court Monday upheld the state's $31 billion public works program and the funding sources established to repay billions in borrowing, clearing the path for the planned sale of several billion dollars of new debt.

CHICAGO — While its revenues have picked up, Illinois still faces "staggering long-term financial challenges" as it carried $7.4 billion in unpaid obligations — including $3.8 billion in bills owed to schools, transit agencies, health care providers and others — into the new fiscal year, according to Comptroller Judy Baar Topinka.

CHICAGO — Illinois collected $3.4 billion more in base revenue during fiscal 2011 than the previous year thanks mostly to an income tax hike approved midway through the year and aided by a recovering economy, according to a new report from the state's nonpartisan legislative commission.

Milwaukee-based Quarles & Brady LLP has hired veteran bond attorney Scott Bremer as a partner in its Chicago office to help the firm as it seeks to expand its public finance practice to cover the state of Illinois and local government issuers here.

Novi, Mich.-based Trinity Health has closed its acquisition of Chicago's Loyola University Health System in a deal that totals more than $1 billion.

Chicago's lobbyists — including public finance bankers, financial advisers, and lawyers who seek work on city bond sales — would face greater reporting requirements under a package of ethics reforms Mayor Rahm Emanuel will introduce to the City Council Wednesday.

The Illinois Health Facilities and Services Review Board last week denied applications from two competing hospital systems seeking to build new facilities in the growing region north of Chicago in McHenry County.