Court ruling means lower interest payments on state bonds

Minnesota’s Management and Budget Commissioner Jim Schowalter tells the Pioneer Press a state Supreme Court decision on refinancing bonds "will save Minnesota taxpayers tens of millions of dollars." The justices ruled the state can use future revenue from its 1998 settlement with tobacco companies.
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Minnesota’s Management and Budget Commissioner Jim Schowalter tells the Pioneer Press a state Supreme Court decision on refinancing bonds "will save Minnesota taxpayers tens of millions of dollars." The justices ruled the state can use future revenue from its 1998 settlement with tobacco companies to refinance the bonds it sold last year.

Minnesota sold $757 million in "tobacco bonds" in November 2011.

The decision to sell the bonds was a key part to ending the 20-day state government shutdown last July.

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