CHICAGO — The Regional Transportation Authority of Illinois will take competitive bids Tuesday on $100 million of general obligation refunding bonds and in a separate transaction will further tap its commercial paper program as it awaits nearly $400 million in overdue state aid payments.

The agency, which provides oversight of the Chicago Transit Authority, Metra commuter rail, and Pace suburban bus service, will refund 2002 bonds for an estimated net present-value savings of about 6.5%, according to the RTA's chief financial officer, Grace Galluci. The bonds carry a final maturity of 2019.

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