Illinois

A local government fiscal watchdog group last week endorsed the Metropolitan Water Reclamation District of Greater Chicago's proposed $1.7 billion fiscal 2010 budget, calling it a "prudent response to revenue shortfalls."

Illinois Gov. Pat Quinn this week unveiled plans aimed at spurring jobs that include increasing access to start-up capital and expanding job training programs.

CHICAGO — Illinois’ credit took a second hit this week as Standard & Poor’s yesterday dropped the state’s general obligation rating out of the double-A category, downgrading it to A-plus from AA-minus due to a deteriorating balance sheet and lack of progress in addressing budget problems.

CHICAGO — The Illinois Finance Authority board this week advanced $400 million of health care financings, including Memorial Health System’s $150 million issue selling today, and hired a new executive director — the agency’s general counsel and deputy director, Christopher Meister.

CHICAGO — Illinois will competitively sell $155 of new-money Build Illinois sales-tax backed bonds tomorrow, the first in a series of deals worth more than $5 billion planned over the next few months as the state struggles with a budget deficit that drove yesterday’s rating downgrade from Moody’s Investors Service.

Moody’s Investors Service last week upgraded the Community College District 509 in Elgin to Aaa from Aa1 in conjunction with its upcoming sale this week of $45 million of general obligation bonds that were approved by voters last month. The deal includes taxable Build America Bonds.

Illinois Gov. Pat Quinn last week named Chicago-based public finance banker Maria Saldana to a four-year term on the Illinois State Toll Highway Authority board.

CHICAGO — With an upgrade from Moody’s Investors Service in hand, Oak Brook, Ill.-based Advocate Health Care Network enters the market beginning today with $240 million of fixed-rate bonds in a deal that cements the Chicago area’s largest health care provider’s acquisition of ­BroMenn Health System.

CHICAGO — Illinois Comptroller Dan Hynes Friday afternoon announced he would not sign off on Gov. Pat Quinn’s request to issue $500 million of general obligation cash-flow certificates to help pay down a growing backlog of bills, warning that the state can’t afford the additional borrowing.

CHICAGO — The Chicago City Council yesterday approved a $6.14 billion 2010 budget, putting aside concerns over Mayor Richard Daley’s drain on reserves established with proceeds of the city’s parking meter lease to erase a $520 million deficit in order to avoid raising taxes and fees.

Fitch Ratings last week downgraded Resurrection Health Care one notch to BBB-plus due to operating losses.

CHICAGO — The Clare at Water Tower, an upscale ­high-rise senior-living community in downtown Chicago that has struggled to meet financial ­projections due to cost ­overruns, construction delays, and ­faltering occupancy rates, drew $554,000 from its debt-service reserves to cover its Nov. 15 debt-service payment.

CHICAGO — The Chicago Board of Education plans to enter the market as soon as next week with a $254 million unlimited-tax general obligation issue that will tap its full qualified school construction bond allocation for 2009.

The Cook County, Ill., Board of Commissioners passed a $3.4 billion all-funds fiscal 2010 budget last week, marking the first time in 10 years that the board passed a budget before the end of the county’s fiscal year.

CHICAGO — The board of the Regional Transportation Authority of Illinois late last week approved the issuance of up to $166 million of bonds to free up federal capital funds to help trim a Chicago Transit Authority budget deficit and stave off a fare increase.

CHICAGO — The Illinois State Toll Highway Authority tomorrow enters the market with its second Build America Bond sale of the year — a $280 million revenue bond issue that marks the final borrowing needed for the agency’s five-year-old $6 billion rebuilding and expansion of the Chicago-area toll highway system.

CHICAGO — The Chicago City Council yesterday approved up to $2.85 billion of general obligation and airport bonds slated for sale in early 2010 and signed off on a settlement with a neighboring suburb that ends its litigation against the $8 billion expansion of O’Hare International Airport.

CHICAGO — The Cook County, Ill., Board of Commissioners this week voted to repeal half of a sales tax increase that was implemented last year and remains the most unpopular and controversial tax hike in recent county history.

The Metropolitan Pier and Exposition Authority on Monday announced that it would likely cut about 20% of its employees to help trim a budget shortfall estimated at nearly $29 million.

Chicago and Bensenville on Monday announced a $16 million settlement that ends opposition to the city’s $8 billion expansion of O’Hare International Airport.