The San Mateo County Joint Powers Finance Authority plans to bring $152 million of fixed-rate lease revenue bonds to market next month to refinance auction-rate securities issued in 2003.

The authority has seen its interest costs on the Ambac Assurance Corp.-insured debt rise to about 6.3% from 3.6% since the auction-rate market meltdown, said deputy county manager Reyna Farrales. The county will spend about $4.5 million to terminate a swap that synthetically fixed rates on the outstanding ARS. The counterparties are Citi and Lehman Brothers.

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