Harvey, Illinois, launches bond exchange offer on defaulted debt – The Bond Buyer

The deal would allow investors to shed the bonds’ default status, resolve investor litigation, and give the fiscally troubled Chicago suburb more time to repay its debt. It’s billed by Harvey officials as a central step in an effort to restructure various debts with the aim of attracting economic development and bolstering a beleaguered tax base hurt by outmigration, shuttered businesses and an aging population. The city also has weak tax collection rates that pose a drag on its budgets.

Read More »

Here Are The 3 Finalists For Chicago’s Next Top Cop – Block Club Chicago

Larry Snelling is the Chief of Counterterrorism with Chicago police and Angel Novalez is the department’s Chief of Constitutional Policing & Reform. Shon Barnes is Chief of Police in Madison, Wisconsin. The candidates were chosen in the first community-led search for Chicago’s police superintendent. Mayor Brandon Johnson must pick a nominee, who has to be approved by City Council.

Read More »

Vallas: Pritzker flips again on low-income scholarships – signals he’s open to killing program – Illinois Policy

“Pritzker’s current tone signals all but a death knell for the program. It’s likely the state legislature, which is heavily financed by teachers union leaders who vehemently oppose Invest in Kids, will give Pritzker a phased-out program giving him cover to minimize the anger from the thousands of families who will be hurt if Invest in Kids gets killed.”

Read More »

George Soros’s Bad Bet – City Journal

“(George) Soros gambled that he could swing district attorney elections by heavily funding candidates who favored his version of justice, which focuses on de-prosecution and decarceration in the name of racial equity. Prosecutors like Larry Krasner in Philadelphia, Kim Foxx in Chicago, George Gascón in Los Angeles, and Alvin Bragg in New York rode Soros’s funding to victory. In pursuing this strategy, Soros made some successful calculations and some mistakes—both leading to ruinous consequences for American cities.”

Read More »

Feds investigating possible minority-contracting fraud involving city deals worth millions – Chicago Tribune/Yahoo

The U.S. attorney’s office last month issued federal grand jury subpoenas to several city agencies seeking copies of contracts, bid packages, payment and payroll records as well as compliance documents for the city’s set-aside program for women and minority businesses. While it remains unclear what the precise nature of the federal probe entails, the investigation has once again brought scrutiny to Chicago’s minority-owned business program.

Read More »

Illinois Nears Settlement With Wall Street Banks Over Muni Price-Fixing Case – Bloomberg/Yahoo

The banks have offered to pay the state $68 million, according to an attorne representing the plaintiff side. The proposal comes as Bank of America, Barclays Capital Inc., BMO Financial Corp., William Blair & Co. LLC, Citigroup Inc., Fifth Third Bancorp, JPMorgan Chase & Co. and Morgan Stanley were expected to go to trial in Illinois next month to face allegations they inflated the interest rates on certain types of municipal bonds to discourage investors from returning them for cash and colluded in setting the rates.

Read More »

With large contingent of politicians and business leaders in tow, Gov. JB Pritzker heads to the UK to sell his vision of Illinois as EV industry hub – Chicago Tribune*

As he did during a trip to the U.K. in 2021 and to the World Economic Forum in Davos, Switzerland, earlier this year, Pritzker — Illinois’ self-appointed “chief marketing officer” — is expected to tout the state’s ambitious plans for electric vehicle and clean energy development, along with the economic benefits of its central location in the U.S. and its logistics infrastructure. The governor’s office was unable to give specific examples of businesses that chose to relocate to Illinois or expand in the state as a result of those earlier trips.

Read More »

Illinois will not have a sales tax holiday for school supplies this year – WCIA (Champaign)

A little bit of the pain was spared the past two years during these shopping trips thanks to a sales tax holiday in Illinois. For 10 days in august, the state lowered the sales tax on back to school supplies from 6.25 percent to just 1.25 percent. But this year, that didn’t happen. “We were hopeful that they would extend those tax breaks for gas and groceries. Especially during this time our kids are getting ready to go back to school,” state Sen. Sally Turner said.

Read More »

Robberies reported in Wicker Park, Bucktown, River North overnight as cops try to contain surging crime wave – CWB Chicago

Chicago police have been struggling to control a seemingly endless wave of mostly nighttime robberies that have popped up repeatedly. City records show 61 people were robbed in Chicago Sunday, compared to 23 robbery victims on the same day last year. Through Tuesday, 398 people had been robbed in Chicago this month — up 52% from 261 last year.

Read More »

Column: Post-trial motions are flowing in ComEd bribery case – Champaign News-Gazette

Jim Dey: “Federal appeals courts have reached different conclusions as to what constitutes bribery under federal law. In the 7th Circuit, prosecutors can either show a quid pro quo — ‘I’ll do this if you’ll do that’ — or ‘corrupt intent’ — ‘I’ll do this in the expectation that he’ll do that.’ The dispute among federal circuits ultimately will have to be resolved by the U.S. Supreme Court, and the ComEd conspiracy could be the vehicle to get it there.”

Read More »

Governor troll wars – Politico

“(Gov. JB Pritzker) took it even further this year when (Florida Gov. Ron) DeSantis challenged an Advanced Placement African American studies course for including ‘Black Queer Studies’ in its curriculum. Pritzker wrote the College Board, the organization that administers the SAT test and AP courses, urging it to reject DeSantis’ demands. DeSantis has fought back, condemning Michigan’s Covid shutdowns and slamming Pritzker for Illinois losing residents to the Sunshine State.”

Read More »

Illinois’ pension crisis isn’t about residents not paying enough, it’s about politicians raising salaries instead of funding pensions. – Wirepoints on Cities 92.9 with Cat Petersen

Ted joined Cat Peterson to discuss the current status of the SAFE-T Act and why its so harmful for police officers, the ongoing Jenny Thornley worker’s comp fraud saga, why Illinois lawmakers refuse to cut taxes, the pension funding crisis at the state and Chicago level, and more.

Read More »