CHICAGO -- A Michigan lawmaker has introduced a bill that would prohibit school districts in the state from issuing capital appreciation bonds.

State Sen. Jim Berryman, D-Adrian, said the bill he introduced late last month would repeal a 1986 law that allows school districts to issue capital appreciation bonds. Berryman said he believes voters, and to some extent school districts, have been misled because capital appreciation bonds push debt service payments into future years.

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