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.

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