CHICAGO - Michigan State University will enter the market today for the first time in seven years to sell approximately $80 million of general revenue bonds that will carry a coverage level of 61 times debt service.

Proceeds of the issue will be used to advance refund $14.5 million of outstanding fixed-rate student fee revenue bonds sold in 1985 and current refund about $46 million of variable-rate revenue bonds also sold in 1985, according to Alex Rorke, a managing director at Dean Witter Reynolds, Inc., the senior manager on the deal.

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