BIRMINGHAM, ALA. - Lakeland, Fla., officials, who hedged their exposure in the auction-rate market by buying other issuers' troubled securities at penalty interest rates, today expect to sell $200 million of variable-rate revenue and refunding energy bonds.

Some $140 million of the proceeds will be used to repay a repurchasing agreement that enabled the city to retire its auction-rate securities and another $60 million of proceeds will provide new money for construction projects for Lakeland's energy system.

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