Moody's rates Minneapolis G.O. library bonds Aa1

Moody's Investors Service said it assigned an Aa1 rating and stable outlook to the City of Minneapolis' $11.6 million general obligation library bonds, series 2008, and $38.8 million general obligation various purpose bonds, series 2008.

Sale of the bonds is expected on May 20.

Concurrently, Moody's affirmed the Aa1 rating on the city's outstanding general obligation debt. Minneapolis has $1.2 billion of total rated general obligation debt, including the current offerings.

Proceeds of the library bonds, series 2008, will fund improvements to community libraries. Proceeds of the various purpose bonds, series 2008, will fund multiple capital projects, including improvements to public buildings, streets and the water, sewer, and stormwater systems.

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