Portland has shelved plans to refinance $150 million of auction-rate securities after four months of failed auctions yielded lower rates than it could get if it refinanced the pension revenue bonds at a fixed rate.

The 1999 Series D and E revenue bonds have suffered failed auctions since February, said debt manager Eric H. Johansen. The penalty rate is set by formula at 150% of the seven-day double-A composite commercial paper rate.

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