CHICAGO -- The Indiana Bond Bank last week sold an innovative bond issue that greatly expands the lending power of the state's common school fund.

Kemper Securities Inc. priced $118 million of Indiana Bond Bank Common School Fund Advancement Purchase Funding bonds insured by AMBAC Indemnity Corp. A.G. Edwards & Sons Inc. was co-senior manager on the offering, which was made last Thursday and is scheduled to close a week from today.

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