DALLAS — Investors interested in today's $40 million competitive sale by New Orleans can bid for the debt as Build America Bonds or conventional general obligation bonds, with the lowest offered rate winning the entire tranche.

"It's either going to be all BABs or all GOs," said David W. Gernhauser, secretary of the New Orleans Board of Liquidation, City Debt. "We will not split it into pieces or award half as BABs, half as GOs."

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