CHICAGO — The board of Oakland County, Mich. next week is expected to vote on a measure that would allow the county to refund $438 million of certificates of participation issued in 2007 to cover the county's other post-employment benefit liability.

The triple-A rated county wants to issue general obligation bonds to refund the outstanding COPs. The state Legislature earlier this year passed a law allowing local governments to issue GO debt to cover their OPEB liabilities, and the county wants to tap the new authority.

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