Michigan Municipal Bond Authority to price $255 million revenue notes for Detroit school district

By Sheri Kasprzak

New York, March 25 - The Michigan Municipal Bond Authority is set to price $255 million in series 2010B state aid revenue notes for the School District of the City of Detroit, according to a preliminary official statement.

The notes (/SP-1/) will be sold through J.P. Morgan Securities Inc. and Loop Capital Markets LLC.

The notes are due March 21, 2011.

Proceeds will be used to purchase a note that will be issued to Detroit's school district.

Based in Lansing, the authority provides an alternative source of funding to local governments and school districts in the state.

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