The New York Power Authority plans to exit the auction-rate market by using tax-exempt commercial paper to take out two series of the securities totalling $72.1 million, the issuer said yesterday.

The NYPA board approved the sale at its monthly meeting yesterday along with an authorization for Citi and JPMorgan to market greater amounts of commercial paper for the authority to make up for the loss of UBS Securities LLC as one of its marketing agents.

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