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.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.