DALLAS - Some $150 million of auction-rate debt sold in 2006 to finance performance facilities in the downtown Dallas Arts District will be refunded with proceeds from Thursday's negotiated sale of variable-rate bonds by the Dallas Performing Arts Cultural Facilities Corp.

The sale will consists of a $75.5 million tranche underwritten by Banc of America Securities LLC and a $75.5 million tranche underwritten by JPMorgan. The two underwriters will also serve as remarketing agents for the respective series, which are enhanced with separate letters of credit from Bank of America NA and JPMorgan Chase Bank NA.

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