Minnesota sells $587.6 million in bonds to fund building projects

According to the Minnesota Management and Budget office, the state of Minnesota issued $587.6 million in general obligation bonds on Tuesday to pay for a variety of largely building projects.

Interest rates on the four bond series ranged from 2.1 percent to 3.5 percent. These debts were approved by prior legislatures since the 2022 Legislature did not adopt a public works financing measure this year.

The transaction was the first time since 2003 that Minnesota received the highest AAA bond rating from Moody’s, Fitch, and S&P Global.

The proceeds from the sale will go toward funding programs and major upgrades for initiatives like educational institutions, parks, facilities for reducing pollution, transportation, and agricultural businesses.

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