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Detroit Public Schools Pin Hopes on Deficit Sale

OCT 3, 2011 6:54pm ET

CHICAGO - Detroit Public Schools' new chief financial officer says the district's upcoming $239 million deficit bond sale will help put it on the road to stable fiscal health, allowing it to avoid the short-term borrowing it has relied on for years and erase a chunk of its structural deficit.

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A recent phenomenon is the emergence of bonds with shorter call protection as funding alternatives for municipalities. However, the shorter call protection also dampens the potential upside for investors, which in turn reduces the price they are willing to pay.

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