New York City plans this month to convert more than half of its $2 billion of general obligation bonds in auction-rate mode to fixed-rate bonds and variable-rate demand bonds through a $1.3 billion refunding. In addition, at the same time the city will also refund $140 million of VRDBs insured by Financial Guaranty Insurance Co.

The city plans to begin selling a portion of that refunding tomorrow with a three-day retail order period on $366 million of tax-exempt fixed-rate bonds.

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