WASHINGTON -- The Michigan State Building Authority is taking advantage of low interest rates to consolidate and refinance $15 million of its high-rate vendor equipment leases into a master lease offering.

The authority's Series, 1992A lease revenue bonds, with final maturities in 1997, are expected to draw rates between 4% and 5% -- about half the 8% to 10% rates the state has been paying on its piece-meal vendor financings, said Tom Saxton, executive director of the building authority.

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