CHICAGO - Michigan is set to enter the market today with roughly $280 million of general obligation bonds that will include new-money and refunding bonds that will restructure some existing debt, pushing off debt service to free up money in the next budget.

The state originally planned to issue $463 million of GOs, but decided to cut down the issue after its finance team was able to successfully remarket $186 million of variable-rate bonds that were being held by the liquidity provider after failed remarketing cycles.

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