New York City this week will issue its first general obligation bond deal of 2011 with a $641 million refinancing to generate debt-service savings.

The fiscal 2011 Series I GO transaction includes $400 million of tax-exempt Series I-1 bonds that will refund fixed-rate debt for present-value savings. Another $241.4 million of taxable Series I-2 and I-3 bonds will refinance variable-rate debt.

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