Midwest

Minnesota Gov. Mark Dayton on Thursday offered a revised two-year budget proposal that drops changes to broaden the state's sales tax, but leaves intact a proposed income tax increase.

After returning its balance sheet to the black, the Illinois International Port District plans to bolster its role in economic development and job creation by turning to private managers to raise the needed capital.

Gov. Rick Snyder Thursday appointed Jones Day bankruptcy attorney Kevyn Orr as Detroit emergency financial manager. Orr warned creditors that he's willing to use bankruptcy.

Louisville-based Hilliard Lyons hired a pair of Michigan public finance veterans by buying their firm Great Lakes Capital Markets as it continues to expand in the Midwest and Southeast.

Six weeks after pulling its last bond sale, Illinois plans a full court press with investors and will drop a bidding feature that had dampened the interest of some broker-dealers as it prepares to competitively sell $800 million of debt.

The Chicago City Council will take up ordinances as soon as Wednesday authorizing up to $1.65 billion of O'Hare International Airport debt that will raise new money for the airport's $8 billion expansion.

Detroit officials at an appeals hearing in Lansing Tuesday said Michigan should craft a stronger consent agreement to help stabilize the city instead of taking Detroit over by appointing an emergency financial manager.

Moody's Investors Service lowered Rhinelander, Wis.'s rating by three notches to A3 from Aa3 due to ongoing strains to its balance sheet.

Le Center, Minn.'s rating sunk further into junk bond territory following a downgrade Monday by Moody's Investors Service over is fiscal woes.

Moody's Investors Service last week downgraded to Baa1 from A2 its rating on Romulus Community Schools, a suburban Detroit school district with declining enrollment and pressured financial position.