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MICHIGAN TREASURER ANNOUNCES SALE OF NOTES

 MICHIGAN TREASURER ANNOUNCES SALE OF NOTES
 LANSING, Mich., Dec. 10 /PRNewswire/ -- State Treasurer Douglas


Roberts announced today the successful sale of $700 million in short- term borrowing.
 "The state, taking advantage of a receptive market, obtained an unprecedented low interest rate of 3.8 percent," explained Roberts. "This is the lowest interest rate in recent history and will save the taxpayers millions in borrowing costs."
 This good news follows on the heels of a vote of confidence from the rating agencies. Standard & Poor's and Moody's Investors Service responded positively to the state's handling of its cash and budget situation by giving the state their highest short-term ratings and by reaffirming Michigan's long-term credit ratings as well.
 The state entered the market in order to sell $700 million of short- term general obligation cash flow notes which will be paid on Sept. 30, 1992.
 -0- 12/10/91
 /CONTACT: Nick Khouri of the Michigan Department of Treasury, 517-373-6635/ CO: Michigan Department of Treasury ST: Michigan IN: SU:


JG -- DE019 -- 1172 12/10/91 16:04 EST
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Publication:PR Newswire
Date:Dec 10, 1991
Words:175
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