Colleges race to issue and re-fund bonds to take advantage of favorable rates.

Focuses on some universities which took advantage of favorable financial conditions to float municipal bonds for capital construction and re-fund some bonds issued at higher interest rates during the early 1980s. Example of Ohio State University; Information from Securities Data Company Inc. on $6.8 billion in bonds issued in the first three quarters of 1992; `Clinton factor' causes slight increase in interest rates recently; Demand for bonds among consumers; Comments.