Michigan Turning to Notes Instead of Funds to Cover Cash Flow Needs

Carvlin, Elizabeth
April 2003
Bond Buyer;4/30/2003, Vol. 344 Issue 31625, p56
Trade Publication
Michigan will come to market May 14, 2003 with its largest general obligation note sale ever — from 1.2 billion dollars to 1.3 billion dollars — in order to cover cash flow needs that for five years have relied on the budget stabilization and other cash funds. The sale comes after six years of the state's not needing to sell notes for cash flow purposes, according to information from state Treasurer Jay Rising and Thomson Financial Inc. The state moved away from using notes when the economy grew and reserves swelled, he said. The notes will be issued in a deal scheduled for May 14, 2003 one day after the state's May 13, 2003 revenue forecasting session. Though the state has balanced its budget so far, Rising said had he been in office at the time he might have used cash flow borrowing in fiscal 2002.


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