Midwest

CHICAGO – Chicago Mayor Richard Daley said Tuesday he would not seek a seventh term next year in a stunning announcement for the city’s political and business worlds that stands to shakeup its longstanding relationships in the public finance community.

CHICAGO — The Chicago City Council’s Finance Committee Tuesday advanced the sale of up to $1 billion of new-money and refunding O’Hare International Airport revenue bonds and debt backed by passenger facility charges to raise funds for the second phase of an $8 billion expansion that has yet to win airline approval.

CHICAGO — Michigan legislators have paused their campaigning to return to Lansing today to try to hammer out a final state budget and avoid a government shutdown for the first time in years.

CHICAGO — A local dispute over a $150 million performing arts center prompted the Indiana attorney general last week to issue an opinion ruling that redevelopment commissions can issue some types of debt without the approval of a city’s legislative body.

CHICAGO — Iowa will add $25 million of taxable bonds to its planned sale of $155 million of tax-exempt special obligation bonds for its IJOBS program in order to bolster its debt-service reserve on Build America Bonds issued last year for the program and fend off a possible downgrade.

CHICAGO — Detroit-area hospitals plan to spend up to $1.3 billion on capital projects over the next several years in the hopes of creating a medical industry to help replace the city’s vanishing manufacturing base, according to a new report.

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 — A month after winning city and county approval to sell its water and sewer system, Indianapolis stands poised to enter into a 50-year lease of its parking meters in exchange for cash and a piece of the annual parking revenue.

CHICAGO — The St. Paul Port Authority and lawyers for a group of 876 fund bondholders squared off in Ramsey County district court Monday over whether the agency has misused revenue generated from assets pledged to bondholders.

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.