Free Newsletter
Minnesota raising $75 million for technology
admin//August 19, 2009
Minnesota is raising $75 million from investors to pay for new technology.
The Minnesota Management and Budget Department says the money will pay to replace the state’s 14-year-old accounting system and complete an integrated system to improve tax collections.
Management and Budget Assistant Commissioner Kathy Kardell says the state raised the cash by selling credits called certificates of participation. The certificates are subject to legislative appropriation, so they are not as robust an investment as state general obligation bonds backed by the state’s full faith and credit.
Kardell says the state will pay an overall interest rate of 2.85 percent on the 10-year certificates.
Top News
- Target faces ‘non-drowsy’ meds suit
- Melodie Rose named president at Fredrikson
- Supreme Court lawyers have rituals of their own
- Minnesota artists consider what’s next in AI copyrights
- Defining ‘and’ in sentencing statute falls to Supreme Court
- Hashtag rates higher libel protection
- Court: Performance issues, not bias, prompted union to fire organizer
- Robot milker case yields $122M
Expert Testimony
- Briefly: A chat with Supreme Court Commissioner Tim Droske
- Perspectives: Oral arguments at high court stir lively debates
- Quandaries & Quagmires: Advance waivers: Lessons from Paul Hastings vs. Coca Cola
- Perspectives: Recent cellphone ruling recalls high court cases
