CHICAGO — Columbus will enter the market next week with $440 million of new-money and refunding sewer system revenue bonds, kicking off the Ohio city’s $2.5 billion, 40-year project to update its sewer systems to meet Environmental Protection Agency requirements.

The deal is the first piece of financing to address the triple-A rated city’s 2005 wet weather management plan, a comprehensive capital improvement plan that addresses all outstanding environmental compliance issues.

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