CHICAGO — The Missouri Highways and Transportation Commission will take competitive bids Wednesday on a $140 million refunding of top-rated senior-lien state road bonds in hopes of achieving about 6% to 7% in present-value savings.

The commission is set to join the ranks of rare borrowers after completing the new-money issuance needed for a $2.2 billion road construction program in 2009 and exhausting its internal limits on borrowing against anticipated federal grants earlier this year with a $185 million sale.

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