The Empire State Development Corp. plans to restructure or refund up to $1.51 billion of New York-backed variable-rate debt within the next two months, the issuer said yesterday at a bond finance committee meeting.

The ESDC expects to refund or restructure $1.17 billion of auction-rate securities issued in 2002 to finance correctional facilities projects and $335 million of variable-rate demand personal income tax bonds issued in 2004 and insured by CIFG Guaranty. The ESDC is also known as the Urban Development Corp. The conversions could be to fixed rate, variable rate, or a combination.

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