Illinois

CHICAGO — An already cash-strapped Illinois would subsidize debt service payments on $166 million of borrowing by the state’s Regional Transportation Authority under a plan announced by Gov. Pat Quinn yesterday to stave off fare hikes proposed by the Chicago Transit Authority.

CHICAGO — The Illinois ­Finance Authority board yesterday signed off on more than $1 billion of borrowing, mostly on behalf of nonprofit hospitals seeking to enter the tax-exempt market before the end of the year.

Cook County President Todd Stroger yesterday announced that up to $197 million of recovery zone facility bonds are available to private businesses to finance a range of capital projects.

CHICAGO — Chicago-based Roosevelt University enters the market next week to sell $188 million of debt to finance a new multi-use building that officials believe was worth a rating downgrade for the school to keep its transformation from a commuter school to a residential urban campus on track.

CHICAGO — Setting the stage for a fresh effort to repeal a sales tax increase in Cook County, Ill., Gov. Pat Quinn Saturday signed into law a measure that makes it easier for the Board of Commissioners to override the county president’s veto.

CHICAGO — The Illinois State Toll Highway Authority will head into the market this fall with the sale of up to $300 million of toll-backed revenue bonds in a deal that will mark the final financing planned for its five-year-old $6 billion capital program.

The Civic Federation of Chicago blasted Cook County Board President Todd Stroger’s proposed $3 billion fiscal 2010 budget as “an inadequate plan for uncertain times.”

A second Erickson Retirement Community facility outside of Chicago is in default on its 2007 tax-exempt bonds after the nonprofit associated with it failed to make principal and interest payments due on Aug. 1 and Sept. 1.

CHICAGO — Cook County, Ill., board commissioners will begin this week tackling President Todd Stroger’s proposed $3.56 billion all-funds 2010 budget that includes no new taxes and limited borrowing while relying on an unpopular, year-old sales tax increase that faces possible repeal.

CHICAGO — Chicago Mayor Richard Daley unveiled a $6.14 billion 2010 budget yesterday that relies on spending cuts and one-time maneuvers like debt restructuring and a raid on reserves to wipe out a $520 million deficit without any new or increased taxes, fees, or fines.

CHICAGO — The promise of personal financial benefits drove former Illinois Gov. Rod Blagojevich’s decision in 2003 to choose Bear, Stearns & Co. to run the books on the state’s general obligation pension bond sale and to give his go-ahead on the day of pricing to issue the full $10 billion authorization, the governor’s former chief of staff alleged in a plea agreement with federal prosecutors filed yesterday.

CHICAGO — Cook County, Ill., will enter the market today with roughly $400 million of fixed-rate bonds in a transaction aimed at saving the county money by refunding a chunk of its outstanding debt and generating new money to finance the purchase of capital equipment.

CHICAGO — More than $1 billion of borrowing by health care facilities in Illinois is expected in the coming months in deals approved by the Illinois Finance Authority board amid improved market access for the sector.

Moody’s Investors Service last week revised the outlook on Loyola University of Chicago’s A3 credit to stable from negative because of strong operating performance and cash flow as well as operating improvement initiatives being undertaken by the university’s health system.

CHICAGO — Ahead of the release this week of his proposed $6.2 billion 2010 budget, Chicago Mayor Richard Daley yesterday announced spending reductions and other measures to generate $114 million in savings as he seeks to close a $520 million deficit without raising taxes or fees.

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.