CHICAGO - Kansas City, Mo., enters the market today with $213 million of special obligation bonds that will refund insured variable-rate demand bonds issued for an arena, the first of three transactions that will reduce the city's floating-rate exposure.

JPMorgan is the senior manager and Oppenheimer & Co. is co-senior on the sale that is broken into two series, one for $196 million that is tax-exempt and another for $17 million that is taxable. Depfa First Albany Securities LLC and Valdes & Moreno Inc. are financial advisers. Kutak Rock LLP and the Hardwick Law Firm are co-bond counsel. The city sought insurance bids, but did not receive any.

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