CHICAGO - Cleveland is expected to issue nearly $290 million of variable-rate airport revenue bonds today in a transaction that marks the city's last major refinancing in its months-long effort to convert all of its outstanding auction-rate securities.

The transaction comes as airport officials have slashed an already-lean capital plan after its largest carrier, Continental Airlines, announced plans to reduce service like other major U.S. airlines as the industry grapples with rising jet fuel prices and a sagging national economy.

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