New York State and New York City's borrowing authorities plan to sell up to $10.49 billion of debt in the second quarter, of which $4.85 billion will be new money and more than half, $5.64 billion, will be refundings largely by borrowers getting out of auction-rate-securities, according to a schedule released yesterday by the state comptroller's office.

The large number of refundings is unusual. Last year's second-quarter forward calendar identified $827.4 million of refundings and $5.3 billion of new money.

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