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MICHIGAN EDUCATION TRUST OKs BONDS

 MICHIGAN EDUCATION TRUST OKs BONDS
 LANSING, Mich., Dec. 4 /PRNewswire/ -- The Michigan Education Trust


(MET) board today adopted a resolution encouraging the governor and state treasurer to design and offer a College Savings Bond program backed by the full faith and credit of the State of Michigan. The board and MET staff will assist in marketing the bonds.
 State Treasurer and MET Chairman Douglas B. Roberts said, "The board members are very pleased that this program will be available to help Michigan residents save for future college expenses."
 The bonds would be issued early next year and would be part of the state's environmental bond issue. They will be available in small denominations of $1,000 to $1,500 and will be worth $5,000 at maturity. Income on the bonds will be exempt from all federal, state and local taxes.
 College savings bonds have been issued successfully in more than 20 other states.
 The board delayed action on the issuance of new MET contracts until early next year.
 Individuals interested in receiving additional information on the bonds should contact the MET office at 517-335-4767.
 -0- 12/4/91
 /CONTACT: Sabrina Keeley of MET, 517-335-4767/ CO: Michigan Education Trust; Michigan Department of Treasury ST: Michigan IN: SU:


SB -- DE038 -- 9383 12/04/91 16:51 EST
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Publication:PR Newswire
Date:Dec 4, 1991
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