Illinois

CHICAGO — The revamped $1.2 billion clean coal FutureGen project advanced this week after a coalition of coal and power companies announced its commitment to the revised plan to build a pipeline and underground storage facility in Illinois to house emissions from an existing coal plant.

CHICAGO — Chicago Mayor Richard Daley on Friday announced his intention to appoint Loop Capital Markets LLC’s chief executive officer James Reynolds Jr. to serve as chairman of the Chicago Housing Authority’s board.

CHICAGO — Former Illinois Gov. Rod Blagojevich faces a second federal trial on corruption charges early next year and will stand as the sole defendant following the prosecution’s announcement Thursday that it would drop charges against his brother, Robert Blagojevich.

CHICAGO — The Chicago Board of Education late Wednesday adopted an amended $6.5 billion fiscal 2011 budget after the district’s administration scraped plans to fully wipe out reserves to help eliminate a $370 million deficit by instead restructuring some debt.

CHICAGO — The Metropolitan Pier and Exposition Authority of Illinois has picked Goldman, Sachs & Co. and Morgan Stanley as the joint book-running senior managers on its first financing under legislation that allows it to restructure a $2.1 billion debt portfolio.

U.S. District Judge James B. Zagel told attorneys in the corruption trial of former Illinois Gov. Rod Blagojevich to be back in court Aug. 26 to set a date for a new trial.

The Municipal Bond Club of Chicago and Fitch Ratings are hosting a 10-week overview of the muni market starting Sept. 16.

The City Colleges of Chicago has proposed a $457.5 million operating budget for fiscal 2011 and a $139 million capital budget to finance infrastructure and technology improvements.

Federal prosecutors late Tuesday afternoon said they would likely retry former Illinois Gov. Rod Blagojevich after a jury was able to reach a unanimous verdict on only one of 24 counts brought against him.

CHICAGO — Underwriters, financial advisers, and lawyers interested in working on Illinois’ proposed sale of up to $1.75 billion of tobacco bonds to provide budgetary relief have until Aug. 27 to submit proposals to the state.

CHICAGO — The cash-strapped Chicago Public Schools will receive about $100 million from Illinois’ share of education funding in the new $26 billion federal jobs law, local and federal officials said Wednesday.

CHICAGO — Midwestern bond issuance leaped by 32.5% to $39.8 billion for the first six months of the year, due primarily to Illinois’ borrowing spree to finance its $31 billion capital program and its use of debt for budgetary relief.

CHICAGO — The Illinois Finance Authority board on Tuesday advanced plans for a series of financings, including the first in the state in seven years to take advantage of the FHA 242 Hospital Mortgage Insurance Program. Another could be the first to tap the state’s Midwestern disaster area bond allocation.

CHICAGO — The Chicago Public Schools on Monday proposed a $6.4 billion budget for the next year that includes $600 million of bonds and would drain the district’s $190 million fund balance to help erase $370 million of red ink.

CHICAGO — Moody’s Investors Service presented Chicago with a second dose of negative rating news Friday when it downgraded the city’s general obligation credit one level to Aa3 due to concerns about its 2011 budget deficit and evaporating financial reserves.

CHICAGO — After years of credit ­stability, Chicago saw Fitch Ratings drop its general obligation rating Thursday to AA from AA-plus due to the weakening fiscal position of a city struggling with rising labor costs, lackluster revenue ­collections, and a burdensome unfunded pension ­liability.

CHICAGO — Chicago Mayor Richard Daley renewed his pledge Wednesday not to raise property taxes, but warned that the city may be forced to cut some services as it grapples with a record $654.7 million of red ink in the next budget.

CHICAGO — Moody’s Investors Service downgraded the Chicago suburb of Oak Lawn to Aa3 from Aa2, warning that the village faces a series of fiscal challenges after two years of operating deficits.

CHICAGO — Chicago faces a record $654.7 million deficit as work begins in earnest on a $6.3 billion 2011 budget, while expectations of a slight improvement in revenue collections can’t keep pace with growing ­personnel costs.

CHICAGO — Chicago is planning three new-money and refunding general obligation and revenue bond sales totaling up to $2 billion to take advantage of the taxable Build America Bond program ahead of its scheduled expiration year end.