The Nassau County Sewer and Storm Water Finance Authority plans to convert $47 million of auction-rate bonds to fixed rate as part of a larger issue in April that will take out commercial paper and restructure other debt. The deal will be a current refunding totalling about $135 million with maturities of less than 20 years.

"We had maybe a fortuitous timing," said Jeffrey Nogid, debt manager for Nassau County, N.Y., which runs the authority. "We were in the market to do a deal anyway."

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