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In Schowalter v. State, MMB Commissioner Jim Schowalter successfully argued that appropriation refunding bonds backed by future payments from the 1998 settlement with tobacco companies don’t implicate Minnesota’s constitutional limitations on incurring public debt.

Minnesota Supreme Court OKs bonds backed by tobacco payments

In Schowalter v. State, MMB Commissioner Jim Schowalter successfully argued that appropriation refunding bonds backed by future payments from the 1998 settlement with tobacco companies don’t implicate Minnesota’s constitutional limitations on incurring public debt.

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