CHICAGO - With a credit warning in tow as it grapples with a record budget deficit, Minnesota will take competitive bids on a $400 million new-money general obligation issue, a slightly scaled-down version of the financing it put on hold last fall amid the market freeze on new issues.

The deal comprises three individual series on which the state will take separate bids: a $5 million taxable piece, $70 million of state trunk highway bonds that carry a GO pledge, and $325 million of general purpose GOs. The state will stagger the bidding times, said debt manager Kathy Kardell.

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