Minneapolis Issuing $113M for TIFs, Pension Obligations

Shields, Yvette
June 2003
Bond Buyer;6/25/2003, Vol. 344 Issue 31664, p4
Trade Publication
Minneapolis, Minnesota will competitively sell $113 million of general obligation bonds in a deal that includes four series to raise funds for two tax-increment districts and city infrastructure improvements as well as help cover a portion of the city's pension obligations. Maintaining its rating, especially with Fitch, was not a guarantee as analysts reviewed the credit for the first time since the state's decision to trim about $25 million off its local government aid allocation to Minneapolis in fiscal 2003. The city's increasing pension commitments and decision last year to borrow to meet them in lieu of a more hefty property tax increase will add substantially to the city's high debt burden. The city last year sold about $35 million to cover contributions owed to the Minneapolis Employees Retirement Fund and the police fund.


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