DALLAS — The Oklahoma Turnpike Authority will reduce its exposure to the vagaries of variable-rate debt and cut its debt service costs with next week’s negotiated sale of $521.7 million of revenue refunding bonds.

Proceeds from the offering will current refund $321 million of the $348 million of outstanding fixed-rate revenue bonds issued in 2002. The remaining $27 million balance from the 2002 issues matures Jan. 1, 2012.

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