Michigan Finance offers $51.16 million local government revenue bonds

By Sheri Kasprzak

New York, Feb. 11 - The Michigan Finance Authority is expected to price $51.16 million of series 2011A local government loan program revenue bonds, according to a preliminary official statement.

The bonds (/A+/A/) will be sold on a negotiated basis with Stifel, Nicolaus & Co. and Wells Fargo Bank, NA as the senior managers. The co-managers are Edward D. Jones & Co. LP and Fidelity Capital Markets Services Inc.

The offering includes $31.16 million of school program bonds and $20 million of revenue sharing bonds.

The school program bonds are due 2011 to 2021 with term bonds due 2023 and 2025, and the revenue sharing bonds are due 2012 to 2030 with a term bond due in 2035.

Proceeds will be used to fund loans to local governments for capital improvements.

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