Illinois

The Chicago City Council last week lobbied Illinois Gov. Pat Quinn through a letter to veto public safety pension reform legislation recently approved by the General Assembly.

Illinois Gov. Pat Quinn said Monday that he will allow his Put Illinois to Work temporary jobs program to expire early next year.

CHICAGO — The top-rated Metropolitan Water Reclamation District of Greater Chicago aims to enter the market Wednesday with $500 million of mostly taxable Build America Bonds — but it may reduce, restructure, or postpone the sale depending on interest rates.

Illinois Senate Minority Leader Christine Radogno, R-Lemont, last week questioned Democratic Gov. Pat Quinn's recent $47 million extension of the state-funded "Put Illinois to Work" program with a deficit of up to $15 billion of looming and growing debt.

Moody's Investors Service said Monday it views Illinois' successful sale of $1.46 billion of tobacco bonds to pay down overdue bills as a credit positive even though the borrowing falls into the deficit financing category that rating analysts typically frown on.

CHICAGO — Illinois lawmakers ended a week-long veto session Thursday after passing a public safety pension reform measure and advancing a gaming expansion bill but without taking up a series of major bills aimed at tackling the state’s looming deficit.

CHICAGO — Two Midwestern joint-power agencies will enter a crowded field of borrowers this week with deals that include a mix of tax-exempt securities and taxable Build America Bonds to finance their share of $1 billion in cost overruns for the Prairie State Energy Campus.

CHICAGO — With headlines over its budget struggles and recent rating downgrades subsiding, Chicago plans this week to sell a good chunk of a $804 million new-money and refunding general obligation issue that was put on hold earlier this month.

CHICAGO — The Illinois Railsplitter Tobacco Settlement Authority yesterday received A-level ratings from Standard & Poor’s on its $1.46 billion issue of tax-exempt tobacco bonds set for next week.

California, New York, and Illinois are making a play for more than $1.2 billion of high-speed rail funding that was awarded to two Midwestern states whose Republican governors-elect plan to reject the grants.

CHICAGO — The Metropolitan Water Reclamation District of Greater Chicago board of commissioners on Thursday advanced the plans for a $500 million sale of mostly Build America Bond in mid-December, though officials said the timing, size, and mix of securities hinge on interest rates.

CHICAGO — The Chicago City Council overwhelmingly approved Mayor Richard Daley’s $6.15 billion budget for 2011, with only a handful of members attacking it as fiscally irresponsible because of a heavy reliance on reserves and other one-shots to eliminate a $654 million deficit without tax increases.

CHICAGO — The Metropolitan Water Reclamation District of Greater Chicago is expected to vote Thursday on an underwriting team, led by JPMorgan, for its sale next month of up to $500 million of mostly taxable Build America Bonds.

CHICAGO — The Illinois Municipal Electric Agency plans to enter the market Thursday with $130 million of mostly taxable Build America Bonds to finance its share of $1 billion in cost overruns for the controversial $4 billion Prairie State coal-fired power plant under construction in Washington County, Illinois.

CHICAGO — Illinois lawmakers return to work Tuesday for their annual fall veto session with a full plate that includes a proposed income-tax hike, a pension borrowing plan, and a gaming expansion bill — all to help address the state’s fiscal crisis.

CHICAGO — The Illinois Railsplitter Tobacco Settlement Authority hopes to sell investors on its $1.46 billion tax-exempt tobacco bond issue early next month by using a more conservative structure than seen on past deals that ensures bondholders are repaid even if cigarette consumption falls annually by 10% in the coming years.

CHICAGO — The Illinois Finance Authority board this week approved the first tranche of private-activity borrowing planned by CenterPoint Joliet Terminal Railroad LLC to finance ongoing construction at its intermodal freight-transfer facility in Joliet under a $15 billion federal government pilot program.

Chicago's heavy use of non-recurring revenues to balance its budget and sizable unfunded pension liabilities drove Standard & Poor's to drop the city's general obligation rating from the double-A category on Friday.

The Illinois Senate adjourned a one-day session Thursday after the Democratic majority failed to muster enough support to win passage of a $3.8 billion general obligation issue to cover state pension payments owed in the current fiscal year.

The Metropolitan Water Reclamation District of Greater Chicago has selected Public Financial Management Inc. and Gardner, Underwood & Bacon LLC as co-financial advisers for its sale next month of up to $500 million of new-money debt tapping the Build America Bond program.