Minn. pays off remaining U.S. Bank Stadium bonds

U.S. Bank Stadium today is "debt-free" as the Minnesota Department of Management and Budget (MMB) directed about $378M to "retire the remaining bonds." Under the bond agreement, this month is the "first opportunity for the state to refinance or pay off the remaining debt" on the $1.1B stadium. With the support of Gov. Tim Walz, the legislature "agreed this year to pay off the debt early, mostly by using the cash accrued in the stadium reserve account," which had "developed a surplus." To make today's payoff, the state will combine the estimated $366M from the stadium reserve with $12M "from the general fund" (Minneapolis STAR TRIBUNE, 6/26).