CHICAGO — Top-rated Minnesota plans to enter the market twice this summer, beginning early next month with the competitive sale of $865 million of new-money general obligation bonds and then in September with the negotiated sale of between $500 million and $1 billion of refunding GOs.
All the tax-exempt, new-money debt carries the state’s GO pledge but $635 million is being issued as various-purpose bonds to be repaid with general funds and $225 million as trunk highway bonds supported by the state’s transportation fund. Another taxable $5 million series is included to fund the state’s rural finance program. The state will take competitive bids on Aug. 3. Proceeds will finance projects in the state’s bonding bill packages approved over the last several years.