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.