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Detroit schools dodge default after Michigan refinances bonds

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Darrell Preston Bloomberg - Michigan issued $226.38 million of bonds in a private sale that will allow Detroit’s financially struggling school district to avoid defaulting on securities backed by state aid set to be diverted elsewhere on the last day of the month. The Michigan Finance Authority sold the bonds, backed only by property taxes, in a private placement with J.P. Morgan Chase & Co., Danelle Gittus, a spokeswoman for the state Treasury Department, said in an emailed statement. The net interest cost,

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