Debt Capacity Forecasts are released in February and November of each year. The Debt Capacity Forecasts are used by the Governor and the Legislature in the capital budget process. Forecasts of the cost of debt service are also made at the same time.

Bonds are being issued by the Tobacco Securitization Authority, a body corporate and politic and a public instrumentality of, but having a legal existence independent and separate from, the State of Minnesota (the “State”), and established under Minnesota Statutes, Section 16A.98. The State will use the net sale proceeds of the Series 2011 Bonds to refund certain of the State’s General Obligation State Various Purpose Bonds and other payment obligations. This process is administered by the MMB - Treasury Division.