CHICAGO — Chicago will tap its high-rated sales tax credit this week to primarily refund general obligation bonds in a $238 million deal that marks the inaugural market outing by new Mayor Rahm Emanuel’s administration.

The restructuring — which will test the success of city efforts to bolster investor relationships — will achieve 2011 budget relief. It is the latest in a series of planned debt restructurings adopted by Emanuel’s predecessor, Richard Daley, to ease near-term debt service repayment beginning in 2008. Near-term maturities will be pushed out to between 2035 and 2041.

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