MBIA Inc. said this week it has established a $500,000 college scholarship for the United Negro College Fund in honor of MBIA's retired chairman William O. Bailey and the company's 20th anniversary.

As part of college fund's CAMPAIGN 2000, the MBIA/William O. Bailey Scholarship Program will provide two full-tuition grants in 1994 and then seven grants annually for 20 years, beginning in 1995, MBIA's press release said. The scholarships will be available to students from the Tri-State New York area interested in pursuing careers in public service.

"Our colleges and universities represent an integral part of America's pluralistic society, and we appreciate MBIA's recognition and support of our efforts," said William H. Gray, the college fund's president and chief executive officer.

David H. Elliott, MBIA's chairman, president, and chief executive officer said: "This program is an affirmation of MBIA's belief that education is the primary instrument for success for the individual, the company, and our society."

Municipal Bond Insurance Association, MBIA's predecessor, insured its first bond issue on May 21, 1974. Bailey was the first president of the company and served as chairman of MBIA Inc. from 1987 to 1993. !

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