Minnesota

CHICAGO — With time running out on the current legislative session, a group of Minnesota lawmakers yesterday unveiled a proposal for a new stadium for the Minnesota Vikings that relies on public funding supported by a series of new taxes to cover about two-thirds of the nearly $800 million price tag.

CHICAGO — Faced with declining state aid, Minnesota counties are relying more heavily on property taxes and spending more than they collect in revenue, leading to increased draw-downs on their unreserved balances, a state auditor’s report found.

CHICAGO — The Minnesota Public Facilities ­Authority today will take bids on $380 million of new-money and ­refunding state revolving fund bonds, including taxable Build America Bonds, to finance clean water and drinking water loans in a deal that will establish a new modernized indenture.

CHICAGO — Two rating agencies delivered good news to Rochester, Minn.-based Mayo Clinic this week in recognition of its fitter financial profile, including improved investment returns and revisions to its defined pension plan that lowered its liabilities.

Saying Minnesota has to live within its means, Gov. Tim Pawlenty Monday trimmed the $1 billion capital budget sent to him by lawmakers down to $680 million.

CHICAGO — Minnesota Gov. Tim Pawlenty was expected to first trim and then sign by late Monday the $1 billion capital spending plan lawmakers approved last week.

CHICAGO — In some rare positive news, Minnesota’s new revenue forecast released yesterday trimmed $209 million from the previously projected $1.2 billion deficit in the current two-year budget, although a $5.8 billion hole looms next year as the state prepares a new spending plan.

CHICAGO — Minnesota Gov. Tim Pawlenty late yesterday sent state lawmakers a letter warning that he intends to veto the $1 billion capital bonding bill approved by the Democrat majorities in both of the Legislature’s chambers.

Minnesota Gov. Tim Pawlenty this week sent lawmakers legislation that calls for business tax cuts and eliminates a $1.2 billion budget deficit through spending cuts and increased federal Medicaid funds not yet approved by Congress.

CHICAGO — Minnesota Gov. Tim Pawlenty outlined a broad legislative agenda yesterday in his final state of the state address, which focused on job creation, cutting taxes for employers, reining in government spending and eliminating a $1.2 billion budget deficit through cuts.

CHICAGO — As the Minnesota Senate moved yesterday to advance a $1 billion capital budget, Moody’s Investors Service sent a credit warning by shifting its outlook on the state’s Aa1 rating to negative due to ongoing fiscal weakness and heavy reliance on one-shots to balance its books.

CHICAGO — The University of Minnesota, one of the first borrowers to use the Build America Bond program last spring, enters the market today with $36 million of fixed-rate, new-money bonds that will again tap the federal stimulus program.

CHICAGO — With an upgrade in hand from Moody’s Investors Service, St. Cloud, Minn.-based CentraCare Health System today will price for institutional buyers nearly $200 million of fixed-rate refunding bonds.

CHICAGO — Minnesota Gov. Tim Pawlenty on Friday unveiled an $815 million capital budget that relies on $685 million of general fund-supported bonding amid calls from some lawmakers for $1 billion in capital spending to bolster the economy.

CHICAGO — A Minnesota judge last week ruled that budget cuts ordered by Gov. Tim Pawlenty last summer were unconstitutional — a ruling that could have a big impact on the state’s current $57 billion budget and on how lawmakers tackle a fresh $1.2 billion deficit heading into 2010.

The Metropolitan Sports Facilities Commission last week announced a proposal with a price tag of $870 million to reconfigure its Hubert H. Humphrey Metrodome to suit the National Football League's Minnesota Vikings.

Fitch Ratings revised its outlook on Olmsted Medical Center's BBB-minus rating to positive from stable due to positive operating margins and an improved balance sheet. Analysts expect continued improvements even with the upcoming issuance of $20 million of new debt.

CHICAGO — Minnesota is facing a $1.2 billion deficit through 2011 and could see a record $5.4 billion shortfall by 2013, according to the latest state revenue projections released yesterday.

The Metropolitan Sports Facilities Commission last week signed off on a resolution designed to keep the National Football League’s Minnesota Vikings in the Hubert H. Humphrey Metrodome for an extra two years.

Moody’s Investors Service has downgraded Grand Rapids, Minn.’s one notch to A2 due to credit challenges that include a tax base that is highly concentrated and dependent on one local corporation.