CHICAGO -- Michigan and two of its bonding authorities will issue a total of almost $1.3 billion of debt this week, mainly to bolster the state's cash flow and take advantage of low interest rates to refund previously issued debt.

The state will sell $700 million of short-term general obligation cash-flow notes tomorrow in a deal headed by First Boston Corp., according to Nick Khouri, the state's chief deputy treasurer, who predicted a good reception for the debt.

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