CHICAGO - The Chicago Transit Authority this month is expected to select an underwriting team for its sale of $1.9 billion of pension obligation bonds that is planned this spring in a restructuring of the agency's $3.5 billion unfunded pension and health care liabilities.

The bond proceeds will allow the CTA to bring the funded ratio of its general pension plan up to a 65% funded ratio from a ratio of just 30.2% as of Jan. 1, 2007 and to establish a health care trust fund that will fund the CTA retirees health care benefits.

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