Illinois

Chicago Mayor-elect Rahm Emanuel on Monday named 17 business and non-profit professionals to serve on his government and budget transition team to advise on policy and fiscal decisions.

CHICAGO — Trinity Health Credit Group’s plan to buy Loyola University Health System should bolster the latter’s fiscal standing, though analysts say it’s too early to tell what impact the acquisition will have on Trinity’s balance sheet.

CHICAGO — Fitch Ratings has stripped the Illinois Institute of Technology of its investment-grade rating and assigned a negative outlook to the school and its $190 million of outstanding revenue bonds, which were issued through the Illinois Finance Authority.

CHICAGO — A hearing set for next week on Chicago’s request that a Cook County Circuit Court judge dismiss an airline lawsuit that seeks to block $3.36 billion of expansion projects at O’Hare International Airport was pushed back a week as settlement negotiations continue.

CHICAGO — The Illinois Supreme Court on Wednesday agreed to hear Illinois’ appeal of a lower court decision invalidating the state’s $31 billion capital budget and the funding streams that support it.

CHICAGO — As Illinois lawmakers face mounting pressure to ease the strains of pension funding, a new report from Senate Democrats throws cold water on the idea of reducing future benefits for current employees, contending any legislative curbs would run afoul of the state’s constitution.

Cook County has a new $3.1 billion 2012 budget that relies on 10 furlough days to avoid substantial layoffs and rolls back an unpopular sales-tax increase starting next year. The budget balances a record $487 million shortfall.

CHICAGO — Illinois received $6.1 billion in bids from 128 investors on its sale this week of $3.7 billion of taxable eight-year general obligation bonds to cover its 2011 pension contribution, a level the state touts as a sign of investor confidence following an income tax increase.

Former Illinois congressman and presidential chief of staff Rahm Emanuel will take office as Chicago's next mayor in May, inheriting daunting fiscal challenges as a new era in city government is ushered in that could shake up the local public finance field.

A hearing has been pushed back a week to March 1 on Chicago's motion asking a Cook County Circuit Court judge to dismiss a suit challenging the city's authority to proceed with $3.36 billion worth of expansion projects at O'Hare International Airport without airline approval.

CHICAGO — Illinois Gov. Pat Quinn Wednesday unveiled a $53 billion fiscal 2012 budget that relies on a controversial $8.75 billion bond sale to pay off a huge backlog of bills bogging down the cash-strapped state.

CHICAGO — Illinois has postponed its $3.7 billion taxable general obligation bond sale scheduled for Thursday until next week to give investors time to digest Gov. Pat Quinn’s budget proposal Wednesday.

CHICAGO — Chicago Mayor Richard Daley on Thursday questioned the sincerity of American Airlines and United Airlines' willingness to meet with him in an attempt to resolve differences over the timing and financing of $3.36 billion worth of expansion projects at O'Hare International Airport.

CHICAGO — Chicago Mayor Richard Daley will meet with executives at American Airlines and United Airlines Thursday as a legal standoff over $3.36 billion worth of expansion projects at O’Hare International Airport drags on.

CHICAGO — New Cook County, Ill., Commission President Toni Preckwinkle unveiled her first budget Tuesday, a $3 billion spending plan for fiscal 2011 that she said would restore fiscal stability to the nation’s second-largest county.

Chicago wants more time to improve the funded status of its fire and police pension funds and increase employee contributions in order to reduce the burden on taxpayers of reforms signed into law by Gov. Pat Quinn earlier this year.

CHICAGO — Allowing a lower court ruling invalidating Illinois’ $31 billion capital budget to take effect would “wreak havoc” on state operations and finances, the attorney general’s office warned Friday in its request that the state Supreme Court stay the decision.

CHICAGO — Chicago has backed off from its plan to sell $1.1 billion of O’Hare International Airport bonds next week as it fights a lawsuit filed by the airport’s two largest carriers challenging its authority to finish work on an $8 billion expansion plan without airline consent.

CHICAGO — In a move prompted by the Securities and Exchange Commission’s heightened scrutiny of pension-disclosure practices, Illinois unveiled overhauled reporting standards in its latest bond offering statement that also announced a rise in unfunded pension liabilities to $75.7 billion and revealed a pending SEC inquiry.

CHICAGO — Attorneys for Chicago and O’Hare International Airport’s two largest carriers will return to court next month as a standoff over the final phase of an $8 billion expansion plan continues.