Illinois GOP leaders propose CPS takeover, mull bankruptcy plan
By Harvard Zhang With backing from Governor Bruce Rauner, Illinois Senate and House Republican leaders proposed Wednesday a state-created Independent Authority to assume control over the Chicago Public Schools system, along with legislation “giving Chicago the financial tool to declare bankruptcy, if necessary.” The CPS and Democratic leaders promptly pushed back.
Illinois pays Wall Street millions despite budget deadlock
By Harvard Zhang The state of Illinois should take legal action against bank holding companies to cancel investment deals that are costing the state $6 million every month while it skips social services payments amid its continuing budget impasse, according to a research report released Tuesday. Co-authors and supporters of the report, dubbed “Turned Around: […]
Illinois $480-million GO bond gets solid reception despite budget impasse
By Harvard Zhang The state of Illinois was able to sell $480 million of general obligation bonds Thursday at a lower interest rate than the last competitive sale, despite its ongoing budget deadlock and pension logjam. Bank of America Merrill Lynch won the bidding among nine competitors at an overall interest rate of 3.99 percent, […]
