CHICAGO — Michigan captured a 0.53% interest rate on its Tuesday pricing of $1.25 billion of short-term notes, the lowest interest rate ever on a state cash-flow borrowing.

It is the seventh year in a row that the state has sold more than $1 billion of notes in order to pay bills while waiting for an influx of revenue. It  has seen a wide range of interest costs over the years — paying up to 3.5% in recent years, and 2% last year, amid a market so tumultuous that the state was forced to split its $1.4 billion sale into two transactions.

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