Illinois

CHICAGO — In a further reshuffling of Illinois’ finance team, debt manager Phil Culpepper will move over to the Illinois Housing Development Authority to the post of deputy executive director, while the Illinois Student Assistance Commission’s chief financial officer, John Sinsheimer, has stepped into the newly created position of state director of capital markets.

The Chicago Transit Authority this week proposed a $1.3 billion 2010 budget that relies on a fare hike, service cuts, other spending reductions, and dipping into capital funding to eliminate a $300 million operating deficit.

CHICAGO — Investment banks interested in working on the Illinois State Toll Highway Authority’s new-money and refunding bond sales planned over at least the next two years have until Oct. 20 to submit their qualifications to the agency.

CHICAGO — Chicago and its philanthropic foundations have established the Chicago Recovery Partnership, a unique union aimed at speeding up the distribution, use, and then tracking and review of federal stimulus to benefit the city and its not-for-profit community.

CHICAGO — Chicago expects to tap an array of federal stimulus debt programs in its sales of up to $2.85 billion of new-money and refunding general obligation and airport bonds that were submitted to the City Council for approval yesterday, chief financial officer Gene Saffold said.

Standard & Poor’s upgraded to AA-minus from A-plus general obligation debt issued by Cook County School District No. 99, which encompasses the Chicago suburb of Cicero.

The Chicago City Council last week gave Mayor Richard Daley approval to sign the International Olympics Committee’s host city contract, which puts the city on the hook financially if the 2016 Summer Games lose money.

A lawsuit filed by a Chicago-area citizens group seeking to void the city’s controversial $1.12 billion 75-year lease of its parking meter system survived its first challenge last week when a Cook County judge found reasonable grounds to allow the complaint to be filed.