Bank run will cost state $1.6M or more
ST. PAUL, Minn. (AP) -- The line of credit Gov. Tim Pawlenty's administration set up to keep Minnesota from running short of cash will cost the state nearly $1.6 million even if it's never used, documents obtained by The Associated Press show.
State leaders signed off last week on the $600 million line from four lenders led by Minneapolis-based U.S. Bank. Finance officials say it's a necessary protection as Minnesota's cash sinks to worrisome lows.
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