Michigan Municipal Bond plans $179.77 million notes for Detroit schools

By Sheri Kasprzak

New York, April 27 - The Michigan Municipal Bond Authority is set to sell $179.77 million in series 2009B state aid revenue notes, according to a preliminary official statement. The notes will be sold for the School District of the City of Detroit.

The notes (/SP-1+/) will be sold on a negotiated basis with J.P. Morgan Securities Inc. and Siebert Brandford Shank & Co. LLC as the lead managers.

The notes are due Jan. 20, 2010.

The proceeds will be used to pay for school improvements.

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