Wayne State University, Mich., to redeem $170.6 million auction-rate general revenue bonds

By Cristal Cody

Springdale, Ark., March 25 - Wayne State University in Michigan plans to redeem $170.6 million of auction-rate general revenue bonds in April and May.

The university's board said in a notice that it may designate a seven-day special auction-rate period beginning Thursday and ending April 2 for the $23.9 million series 2001 bonds that mature Nov. 15, 2031.

If the special auction-rate period takes effect, the bonds will be redeemed on April 22. If the bonds continue to bear interest at the standard auction-rate period, then the bonds will be redeemed on April 29.

Other bonds that will be redeemed include $42.2 million series 2002 bonds due Nov. 15, 2032.

If the special auction-rate period takes effect April 10-16 for the bonds, they will be redeemed on April 22. If not, they will be redeemed on May 13.

The $47.25 million series 2003A bonds due Nov. 15, 2033 will be redeemed on April 22 if the special auction-rate period takes effect Thursday to April 2. If not, the bonds will be redeemed on April 29.

The $57.25 million series 2004A bonds due Nov. 15, 2034 will be redeemed on April 22 if the special auction-rate period takes effect April 3-9. If not, the bonds will be redeemed on May 6.

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