BRADENTON, Fla. - Florida's Cabinet yesterday authorized refunding up to $220 million of variable-rate Everglades restoration revenue bonds because some weekly reset rates are spiraling upward.

While the bonds represent the state's only variable-rate exposure, Division of Bond Finance director Ben Watkins said after the Cabinet meeting that the reset rate on $100 million of Series 2006 bonds insured by Ambac AssuranceCorp. reset at 7% on Feb. 19 and 6.5% on Feb. 12.

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