Midwest

Minnesota lawmakers should use the state's budget surplus for education and other services and approve new borrowing for transportation and infrastructure to make a lasting imprint on the state landscape, Gov. Mark Dayton urged in his state of the state address.

The Milwaukee Bucks unveiled plans for a $500 million multi-use downtown arena to house the National Basketball League team and an adjacent $500 million mixed use development with hopes of soon locking in a public financing package.

Voters in Ferguson, Mo., elected two African Americans to their city council in the first city election following a controversial police shooting inspired efforts to cut Missouri governments' reliance on court fines to support budgets.

With the election now behind him, Chicago Mayor Rahm Emanuel needs to make quick headway on solving the city's severe pension and budget woes if he hopes to avoid a rating downgrade, Standard & Poor's warned Thursday.

Chicago Mayor Rahm Emanuel has little time to savor his election victory as the city and the municipal market look for solutions to the city's daunting financial problems.

Counterparty Wells Fargo has so far refused to lower the rating threshold for three Chicago swaps that reached termination events through recent downgrades, a source said.

Chicago Mayor Rahm Emanuel won a second term Tuesday, fending off rival Jesus "Chuy" Garcia after casting him as ill-prepared to tackle the city's deep fiscal woes. Emanuel took 56% of the vote compared to Garcia's 44%.

Minnesota Gov. Mark Dayton unveiled an $842 million bond-financed capital budget, promoting it as a means to create thousands of jobs while improving the state's infrastructure and economy.

As cash-strapped governments like Illinois and Chicago eye non-traditional revenues like gambling and marijuana, economists and government officials warned that so-called sin taxes are no panacea for budget shortfalls.

Fitch Ratings boosted its outlook to positive from stable on Cleveland, Ohio, saying the outlook reflects improved financial operations and an increase in reserves.