CHICAGO — Illinois Gov. Rod Blagojevich yesterday called a special session of the General Assembly for Jan. 2 in an attempt to resolve the longstanding impasse on a Chicago-area transit bailout plan that would avert deep service cuts, fare hikes, and layoffs set to take effect Jan. 20. “There will be only 18 days to work before the transit doomsday, so you should be prepared to meet as often as needed during that period,” the governor said in a letter to lawmakers. The governor and various legislative leaders have endorsed a plan to divert about $400 million in gasoline taxes collected in the Chicago area from the state general fund to transit. Action on the proposal has been stalled by the insistence of Republican leaders and downstate lawmakers that the General Assembly simultaneously adopt a new $25 billion capital budget. The state House had been scheduled to meet earlier this week on a proposal to expand gaming to finance the capital budget, but House Speaker Michael Madigan, D-Chicago, who has been feuding with the governor, cancelled it due to the lack of a final agreement on the plan. He also cited as a distraction the recent indictment of Chris Kelly, Blagojevich’s former fundraiser and point person on gaming issues, on federal tax fraud charges. The governor singled out Madigan in his letter for blame on the delay. “This delay leaves millions of people waiting in uncertainty. I had hoped to receive legislation on my desk before the end of the calendar year,” he wrote.
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The county commission said it hopes to regain Moody's ratings this fall.
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Market participants launched the largest lobbying effort in recent memory to protect municipal bonds and got what they wanted as the tax-exemption survived.
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UST yields rose across the curve in response to the employment report with the two-year rising nearly 10 basis points while municipals largely ignored the moves and ratios fell as a result.
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Oregon Department of Transportation leaders said they will begin layoffs Monday after lawmakers adjourned without passing a transportation funding bill.
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"If you are seeking the services of a municipal advisor, it would be helpful to use the term municipal advisor in your RFP/Qs," said Sanchez, director of the SEC's Office of Municipal Securities.
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The growth of the muni market comes as issuance surges, with the first half of the year seeing $280.64 billion of supply, up 14.3% year-over-year, according to LSEG.
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