The state of Ohio yesterday for the first time priced about $22 million of general obligation college saver bonds with shorter maturities to attract short-term investors.

Carol Taylor, spokeswoman for Ohio Treasurer Mary Ellen Withrow, said the college saver bonds are designed to be competitive with the interest rate on certificates of deposit with the same maturities. The bonds carry maturities from 1995 to 2013.

Taylor said the college saver bonds in two previous issues had eight- to 20-year maturities. The college saver program began in 1991.

The $22 million of college saver bonds are part of a $120 million issue to finance infrastructure improvements throughout the state. The bonds mark the fifth issue in the state's $1.2 billion, 10-year infrastructure program that began in 1988, Taylor said. About $600 million of bonds have been issues.

The $120 million bond issues double-A by Standard & Corp. and Moody's Investors vice. The state has $907.4 million outstanding GO debt.

The bookrunner for the deal was PaineWebber Inc., and co-senior managers were Advest Inc. and Bear Steams & Co.

Co-managers for the deal were Artemis Capital Group Inc.; CS First Boston; Donaldson, Lufkin & Jenrette Securities Corp.; Huntington Capital Corp.; Kemper Securities Inc.; The Ohio Company; Pryor, McClendon. Counts & Co. Inc.; Seasongood & Maver; and Society National Bank.

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