DALLAS - The Louisiana State Bond Commission yesterday decided to delay until next year a scheduled forward-purchase sale of $485 million of gasoline and fuel tax revenue bonds to avoid a swap-termination fee of up to $25 million.

Whit Kling Jr., director of the commission, said delaying the transaction to no later than May 1 would give state officials and the commission's financial advisers time to negotiate a lower fee with the swap providers. The commission directed the commission staff to terminate the swap if market conditions improve so that the state's liability drops to $10 million or less.

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