DALLAS - East Baton Rouge Parish, La.,will refund $92.5 million of adjustable-rate bonds issued in 2006 and insured by Financial Guaranty Insurance Co. with next week's negotiated sale of $94.2 million of adjustable-rate road sales tax bonds enhanced by an irrevocable letter of credit.

A direct-pay letter of credit from Dexia Credit Local will replace the FGIC policy and bring the enhanced ratings on the bonds to triple-A. The bonds are set for pricing on April 15.

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