$400M Minn. bond sale goes better than expected
In a rare bit of good economic news, Minnesota finance officials say they had better luck selling state bonds than they did last year.
State Management and Budget Commissioner Tom Hanson says his agency sold $400 million worth of bonds in three competitive sales.
The sale was originally planned for October but had to be postponed because of the economic conditions.
Hanson says Tuesday's sale went "much better than we could have possibly predicted."
He says the state secured lower interest rates than other recent bond sales by states, helping the state's budget picture. Minnesota is facing a $4.8 billion budget deficit through mid-2011.
The bond sale raises money for college classrooms, prisons, road projects and other items.
(Copyright 2009 by The Associated Press. All Rights Reserved.)
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