SAN FRANCISCO - Two California communities are using a bond program to raise funds for street improvements in a deal that closed this week and received a significant boost from MBIA Insurance Corp., according to one of the architects of the program.

The $14.7 million pooled certificate of participation deal, issued by the California Statewide Communities Development Authority, supplies funds to the cities of Coachella and Indio. It was the first new California deal with an MBIA wrap to price during 2008.

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