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Create a More Connected Minnesota

Minnesota is refinancing some of its debt
for $46 million in savings.


      Assistant Management and Budget Commissioner Kathy Kardell
outlined the savings at a meeting of the state's Executive Council
on Monday. She says the Management and Budget agency expects to
close on a refinancing deal for more than $900 million worth of
bonds on Wednesday.


      Kardell says the deal means an extra $33 million for the state's
general fund and about $13 million for the trunk highway fund.
Without the refinancing, that money would have 
gone out to
bondholders on Dec. 1.


      Republican Gov. Tim Pawlenty says he's happy about the savings.


      He aims to avoid short-term borrowing as the state faces a cash
crunch and prepares to spend money on flood relief.

Minnesota is refinancing some of its debt
for $46 million in interest savings.

Minn. to save $46M in interest on bonds

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