MN Taxpayers Lose Again: Bonds for New Legislative Office Building Will Cost More
St. Paul – As the Dayton administration begins selling bonds for the new legislative office building, it has come to light that Minnesota taxpayers will actually pay more for interest charges over the next 25 years because of the way the project was forced through the legislature. The Certificate of Participation bonds will cost more and will not be backed by the full faith and credit of the state of Minnesota. Furthermore, supporting documents to the Official Statement of this sale reveal that Minnesota is facing a nearly $500 million structural budget deficit for the current biennium (see Appendix B-13).
“Apparently, when it comes to the state budget, what Governor Mark Dayton tells New York City is different than what he tells New York Mills. Governor Dayton and the Democrats are adding insult to injury by having to sell the bonds for this boondoggle at a higher interest rate,” said Assistant Senate Republican Leader Paul Gazelka (Nisswa). “We shouldn’t even be funding it at all and now we find out it will cost the taxpayers even more. “
If the $89.5 million office building for politicians was necessary and earned broad support through a bonding bill like other buildings in the Capitol complex, the bonds would have an AA+ rating instead of the downgraded AA rating.
“This palace that Democrats are building themselves is completely unMinnesotan. That’s why I’m calling on Governor Mark Dayton and legislative Democrats to come to their senses and stop construction of their luxury office building,” said House Republican Leader Kurt Daudt (Crown). “This is likely Democrats’ last chance to undo their horrible mistake. I’m very disappointed that Democrats are prioritizing themselves instead of making life easier for Minnesota families. Minnesota deserves better.”
St. Paul – As the Dayton administration begins selling bonds for the new legislative office building, it has come to light that Minnesota taxpayers will actually pay more for interest charges over the next 25 years because of the way the project was forced through the legislature. The Certificate of Participation bonds will cost more and will not be backed by the full faith and credit of the state of Minnesota. Furthermore, supporting documents to the Official Statement of this sale reveal that Minnesota is facing a nearly $500 million structural budget deficit for the current biennium (see Appendix B-13).
