Minnesota last week completed its sale of $60 million of revenue bonds to raise funds for the ongoing construction of a statewide communications system known as the Allied Radio Matrix for Emergency Response system, or ARMER.

The state held a retail order period on Monday and opened it up to institutional buyers on Tuesday, capturing a true interest cost of 2.99%. The bonds are repaid by 911 fees imposed on phone lines and carry ratings of AA from Fitch Ratings, Aa3 from Moody's Investors Service and AA-plus from Standard & Poor's.

"The bond sale went exceptionally well. We are pleased with all aspects of the sale," said state debt manager Kristin Hanson. Jefferies & Co. served as the senior manager. About 65% of the ARMER infrastructure is completed.

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