CHICAGO - The Michigan Municipal Bond Authority today will enter the market with a roughly $560 million deal, the bulk of which will refinance the authority's outstanding $500 million in auction-rate debt, with a small piece financing loans to school districts across the state.

The sale is the MMBA's second issue for the relatively new School Loan Revolving Fund. Starting last year, the state shifted the funding of school loans to revenue-backed debt issued by the authority. Previously, the loans were financed with borrowing backed by the state's general obligation pledge.

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