General obligation bonds

Minnesota plans to go to market Sept. 23 with a $1.27 billion general obligation bond sale.

The rating agency's review was triggered by the city's move to effectively end plans for a seawater desalination project that has $235 million of bonds outstanding.

The commission also approved an audit for the financially troubled Winston-Salem/Forsyth County School District.

A mix of broader market dynamics and Chicago-specific pressures is driving the widening spreads, investors said.

Paul Chatalas, director of capital markets for the state, said the six series of bonds drew "aggressive bids."

In a 2-1 vote, county commissioners approved an Oct. 8 competitive general obligation bond sale to keep funding a jail project amid escalating costs.

The proposed $1.3 billion arena would be financed with city revenue bonds, along with county taxes, subject to voter approval, and a team contribution.

Hunt Memorial Hospital District's distressed finances led to downgrades to Ba3 by Moody's Ratings and B-plus by S&P Global Ratings, with both giving it a negative outlook.

Would-be underwriters of the general obligation bonds will be able to see where they've been ranked among all the bids, and to improve their bid accordingly.

The fiscal 2026 budget would increase police and fire funding by $63.1 million as the city works to comply with a voter-approved public safety spending mandate.