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MINNESOTA REFUNDED GENERAL OBLIGATION BONDS 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Sept. 27 /PRNewswire/ -- Certain maturities of Minnesota general obligation bonds are rated `AAA' by Fitch.
 The `AAA' rating reflects the fact that the bonds are secured by an irrevocable trust composed of direct non-callable general obligations of the U.S. government, state and local government series. Non-refunded bonds of Minnesota are rated `AAA' based on the state's general obligation pledge. The accounting firm of McGladrey & Pullen verified the cash flow sufficiency of the escrow demonstrating that the escrowed securities plus a small initial cash deposit are sufficient to pay interest, principal, and the redemption price of the refunded bonds to their respective call dates. Details of the issues being refunded and their call provisions are listed below.
 -- General Obligation State Various Purpose Bonds dated Aug. 1, 1991; all bonds ($95.9 million) maturing on and between Aug. 1, 2002- 2011 will be called on Aug. 1, 2001 at par plus accrued interest.
 -- State General Obligation Various Purpose Refunding Bonds dated Aug. 1, 1986; all bonds ($23.59 million) maturing on Aug. 1, 1997, will be called on Aug. 1, 1996, at par.
 -- State Trunk Highway Refunding Bonds dated Aug. 1, 1986; all bonds ($3.16 million) maturing on Aug. 1, 1997 will be called on Aug. 1, 1996 at par plus accrued interest.
 -- State General Obligation Bonds Series 1987A dated July 1, 1987; all bonds ($5.53 million) maturing on Aug. 1, 1998, will be called on Aug. 1, 1997, at par plus accrued interest.
 -- State General Obligation Cigarette Tax Bonds Series 1987A dated July 1, 1987; all bonds ($2.335 million) maturing on Aug. 1, 1998, will be called on Aug. 1, 1997, at par plus accrued interest.
 -- State General Obligation Sports and Health Club Tax Bonds Series 1987A dated July 1, 1987; all bonds ($335,000) maturing on Aug. 1, 1998, will be called on Aug. 1, 1997, at par plus accrued interest.
 -- State General Obligation Sports and Health Club Tax Bonds Series 1987A dated July 1, 1988; all bonds ($1.12 million) maturing on Aug. 1, 1999, will be called on Aug. 1, 1998, at par plus accrued interest.
 -- State Obligation Various Purpose Bonds dated July 1, 1998; all bonds ($1.8 million) maturing on Aug. 1, 1999, will be called on Aug. 1, 1998, at par plus accrued interest.
 -0- 9/27/93
 /CONTACT: Gamal Harris of Fitch, 212-908-0541/


CO: ST: Minnesota IN: SU: RTG

CK -- NY095 -- 6109 09/27/93 17:21 EDT
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Publication:PR Newswire
Date:Sep 27, 1993
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