DALLAS — Houston today will issue $200 million of variable-rate combined utility revenue bonds to convert auction-rate securities and $80 million of tax and revenue anticipation notes today to bridge gaps in its revenue stream.

The revenue bonds will be taxable until the call dates of the bonds they take out Dec. 1, 2008, 2011, and 2012. The previous ARS were taxable because they represented a second refunding when Houston restructured its debt portfolio.

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