CHICAGO - After a month of failed auctions that have cost Cleveland millions in additional interest rate costs, officials expect to enter the market early next month with nearly $440 million of variable-rate demand bonds to refinance all its outstanding auction-rate debt.

The City Council at its last meeting quickly introduced and approved legislation allowing the refinancing, and officials have since moved to put together the financial team and obtain liquidity as it waits out a mandatory 40-day referendum period that gives voters the chance to oppose the plan.

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