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Michigan Municipal Bond Authority to sell $255 million revenue notes Wednesday for Detroit schools
By Sheri Kasprzak
New York, March 29 - The Michigan Municipal Bond Authority is set to price $255 million in series 2010B state aid revenue notes on Wednesday, according to a sales calendar. The notes will be issued on behalf of the School District of the City of Detroit.
The notes (/SP-1/) will be sold through senior managers 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 to be issued to the City of 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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