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."