BRADENTON, Fla. - Florida's Citizens Property Insurance Corp. this week expects to hold a two-day pricing of $1.5 billion to $2 billion of fixed-rate, tax-exempt revenue bonds in what will be the state's largest-ever issuance of such debt.

Proceeds of the Series 2008A high-risk account bonds will provide liquidity if needed to pay claims. Until needed to pay claims, proceeds will be invested in high-grade, tax-exempt securities not subject to the alternative minimum tax. Investment proceeds will pay as much interest on the bonds as possible, but Citizens will also use premiums and other revenues to pay interest and principal.

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