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Published July 25, 2011, 12:00 AM

Minnesota budget deal borrows against bonds

Government uses $640M from 1998 tobacco settlement
MINNEAPOLIS – The budget deal that ended Minnesota’s government shutdown comes with a hefty price: It relies heavily on borrowing $640 million against money from the state’s 1998 tobacco settlement but will cost that same amount in interest – plus a substantial annual revenue loss for years to come.

By: Associated Press, INFORUM

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