BRADENTON, Fla. — After hours of wrestling over which financing option was least likely to provoke a third investigation by the Securities and Exchange Commission, city of Miami officials chose a limited public offering to refinance a bank loan Thursday.

The $45 million loan with Wells Fargo Bank NA was obtained nearly two years ago to finance a portion of the city’s cost of the Port Miami tunnel project to divert traffic from downtown to nearby major highways. The loan matures in January.

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