BRADENTON, Fla. - Birmingham, Ala., is preparing to price this month nearly $20 million of fixed-rate general obligation debt to refinance variable-rate GO capital improvement warrants, which are similar to bonds.

It is the city's first venture into the bond market to restructure variable-rate debt due to the exorbitant cost of a liquidity facility, a situation that many issuers have experienced in today's market.

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