Local

Minn. Officials Issue $60M In Bonds For 911 System

View Comments

Get Breaking News First

Receive News, Politics, and Entertainment Headlines Each Morning.
Sign Up

ST. PAUL, Minn. (AP) – Minnesota officials say they completed a $60 million bond sale for an emergency communication system and got a good reaction from investors.

This week’s bond sale raised money to complete a digital communications system used by the State Patrol, Transportation Department and other public safety agencies.

The bonds are backed by an 80-cent fee consumers pay on phone lines capable of placing 911 calls.

Two much larger bond issues are coming later this year — one to pay for construction projects and the other to raise $640 million from future legal payments from tobacco companies.

Minnesota Management and Budget says it sold the 911 bonds to retail and institutional investors on Monday and Tuesday with a 2.99 percent interest rate.

Assistant Commissioner Kristin Hanson says the sale went “exceptionally well.”

(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

View Comments
blog comments powered by Disqus
Follow

Get every new post delivered to your Inbox.

Join 2,380 other followers