The sports cartels are supposed to be providing services to the state and cities in return. They are not supposed to be shaking down states and cities for money, especially federal money. At the go-ahead signal, cities would have just 90 days to submit bids to the State Finance Commissioner. This is the same sort of rush job as the pushing of the bill itself, where the House bypassed the Local Government Committee which would have addressed concerns of city citizens. According to State Finance Dept bond expert Peter Sausen, the bond is also peculiar since it would have a 30 -year maturity.
Corporate bonds are usually for much shorter terms.
The callability, convertibility and placement of the bond would be determined by State Finance Commissioner Pam Wheelock, formerly Finance Director for St Paul Mayor Norm Coleman. Wheelock helped put together state subsidy for the Xcel hockey arena in St Paul . Gigantic tax and spending bills could wait and wait they did. At session's end, the state's major business remained unfinished and a shut-down of government services became a possibility. A huge state loan to billionaire Carl Pohlad did make it to the floor safely, however.