Midwest

The Illinois Coalition to Protect the Public Commons, a group that opposes public asset privatization, last week announced its concerns over Chicago Mayor Rahm Emanuel’s proposal to establish an infrastructure trust bank that would leverage private investment in public projects.

CHICAGO - Michigan officials filed an appeal Tuesday afternoon against a circuit court decision that has prevented the state team reviewing Detroit's finances from meeting.

CHICAGO — Illinois Gov. Pat Quinn on Monday tapped his budget director David Vaught to lead the state' economic development efforts and named senior adviser Jerry Stermer to serve as Vaught' temporary replacement.

Chicago has requested a federal extension until the end of the year to decide whether to attempt to privatize Midway Airport, a move that preserves the city's ability to resurrect a lease deal that could generate several billion dollars in up-front cash.

CHICAGO — The Michigan Senate last week advanced a measure to divert a piece of the state's fuel sales tax to finance transportation infrastructure projects, part of an effort to raise more money for the depleted roads fund.

Honing in on infrastructure investment to revitalize Chicago's landscape and economy, Mayor Rahm Emanuel put a price tag of $7.3 billion on public works projects planned over the next four years and pressed airlines to support a fourth new runway at O'Hare International Airport.

WASHINGTON — The Internal Revenue Service closed an audit without taking any enforcement action on $600 million of Build America Bonds issued by the Metropolitan Water Reclamation District of Greater Chicago that some market observers claimed had been mispriced.

CHICAGO — Chicago Public Schools must close an up to $700 million shortfall in its next budget with a more than $1 billion deficit looming in 2014 due to mounting operational, pension and debt service costs amid dwindling federal funds.

Illinois borrowed $4 billion last year to fund capital projects and cover its fiscal 2011 pension payment, putting it among the ranks of top issuers, but its issuance levels actually marked a sharp drop from 2010, when the state flooded the market with $8.7 billion of paper in nine deals.

The Pontiac School District plans to privately place $16 million of tax anticipation notes, one of several Michigan school systems eying the increasingly popular alternative to a public offering.