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Minnesota extends costly credit line

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Aug 30, 2011 at 9:42 am

ST. PAUL, Minn. (AP) - Minnesota is spending nearly $4 million over two years to make sure its checks don't bounce. 

State finance officials earlier this summer extended a $600 million line of credit they've never used.

 

Now Minnesota's top budget official says the credit might be needed to get through a tight financial spot as early as fall.

 

Budget commissioner Jim Schowalter says he's still studying the numbers but wouldn't rule out tapping into the credit line.

 

Figures obtained by The Associated Press from Management and Budget show that it costs $2 million to keep the credit available through June 2012. That's on top of $1.8 million spent to open the credit line last year.

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