CHICAGO -- A gilt-edged suburb of Detroit will come to market Tuesday with $80 million of pension obligation bonds in the first public offering of pension debt under a new Michigan law allowing municipalities to borrow to cover the cost of their unfunded retirement liability.

Bloomfield Township, located about 10 miles outside Detroit, is expected to sell the bonds Tuesday and Wednesday. Fifth Third Securities is the underwriter. Bendzinski & Co. is the financial advisor and Dickinson Wright is bond counsel.

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