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Minnesota officials issue $60M in bonds for 911 system

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Aug 18, 2011 at 9:17 am

ST. PAUL, Minn. (AP) - Minnesota officials say they completed a $60 million bond sale for an emergency communication system and got a good reaction from investors.

This week's bond sale raised money to complete a digital communications system used by the State Patrol, Transportation Department and other public safety agencies.

The bonds are backed by an 80-cent fee consumers pay on phone lines capable of placing 911 calls.

Two much larger bond issues are coming later this year -- one to pay for construction projects and the other to raise $640 million from future legal payments from tobacco companies.

Minnesota Management and Budget says it sold the 911 bonds to retail and institutional investors on Monday and Tuesday with a 2.99 percent interest rate.

Assistant Commissioner Kristin Hanson says the sale went "exceptionally well."