MMB response to Vikings stadium legal challenge
Here is the response from the Minnesota Department of Management and Budget to the legal challenge to the financing of the new Vikings stadium.
From the Associated Press:
A state agency that was set to sell public bonds for the Minnesota Vikings stadium said in a legal filing Tuesday that a lawsuit holding up that $468 million effort is flawed.
Department of Minnesota Management and Budget lawyers pressed the state Supreme Court to dismiss the case. It was filed Friday, a few days before a scheduled bond sale was to occur. The lawyers argue the lawsuit has cast a "material cloud" in the minds of investors and needs to be resolved quickly.
"The existence of an unresolved lawsuit challenging the constitutionality a pending bond issue not only disrupts the timing of a bond sale and closing, but also creates an investment risk that translates to reduced market demand and higher interest costs for the state," lawyer Thomas Klosowski wrote in the brief.
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