CHICAGO -- Detroit Public Schools sold $92 million of one-year notes Tuesday with a 4.37% interest rate, paying a steep penalty compared to most municipal short-term debt, but in keeping with the district’s track record in recent years.

The borrowing, issued through the Michigan Finance Authority, made DPS one of only a handful of local Michigan issuers to come to market since Detroit filed for bankruptcy July 18, with the first deal that carried a Detroit name.

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