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

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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 This material may not be published, broadcast, rewritten or redistributed.)

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