The State of Minnesota borrows money for the same reasons as an individual. The State must frequently make purchases that have a very long life expectancy. For example, the State builds roads, bridges, buildings, parks, etc. For such expenditures, it is appropriate that the cost of these items be spread over the life of the purchase rather than trying to pay for it all at once. When the State borrows money, it typically sells bonds which are backed by the full faith and credit of the state. Minnesota Management & Budget arranges for the sale of bonds and maintains a record of outstanding bonds. The Treasury Division is also responsible for repaying the bonds from funds contributed by State agencies that incurred the obligation in the first place. Bond sales are all competitively bid.
All questions relating to Tax Exempt and General Obligation bond sales and bond ratings should be directed to:

Minnesota Management & Budget
4th Floor Centennial Building
658 Cedar Street
St. Paul, MN 55155
651-201-8030