CHICAGO - Hoping to usher in a new era of fiscal operating stability, the Chicago Transit Authority has begun the complex task of structuring its nearly $2 billion pension-related bond financing so it both meets the agency's funding goals and legislative mandates and appeals to a wide swath of investors in a tumultuous market.

The CTA late last month completed the process of selecting financial advisers and an underwriting team to craft the deal that will provide an infusion of cash to improve the funded ratio of its pension fund and to establish a trust to cover retiree health care benefits with the aim of entering the market by June.

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