Reed College, a selective private liberal arts college in Portland, plans to refund $47.1 million of auction-rate securities next week. The ARS were originally issued in 2006 with insurance from XL Capital Assurance.

Reed plans to replace the ARS with variable-rate demand obligations issued in weekly mode via the Oregon Facilities Authority. The tax-exempt deal will include serial bonds maturing between 2008 and 2038.

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