Michigan to sell $138.77 million of G.O. bonds on Oct. 12

By Sheri Kasprzak

New York, Oct. 4 - The State of Michigan is expected to come to market with $138.765 million of series 2011 general obligation bonds, said a preliminary official statement. Pricing is scheduled for Oct. 12.

The offering includes $30.11 million of series 2011B taxable school loan G.O. bonds, $43.66 million of series 2011A tax-exempt G.O. environmental program and refunding bonds and $64.995 million of series 2011B taxable G.O. environmental program and refunding bonds.

The bonds (Aa2/AA-/AA-) will be sold on a competitive basis with Robert W. Baird & Co. Inc. as the financial adviser.

The 2011B school loan bonds are due Dec. 1, 2022. The 2011A environmental bonds are due 2021 to 2025, and the 2011B bonds are due 2013 and 2017 to 2020.

Proceeds will be used to make a deposit into the state's school loan revolving fund, provide funding for state environmental programs and refund existing debt.

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