CHICAGO - Michigan yesterday priced $220 million of general obligation environmental program bonds in a sale that kicks off the state's plan to restructure or refinance some of their outstanding debt in order to generate badly needed savings through fiscal year 2010.

The tax-exempt Series 2008A, containing $200 million, was priced to yield from 4.78% in 2011 to 4.11% in 2019. Series 2008B comprised a $19 million taxable portion.

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