SAN FRANCISCO — The Asian Art Museum Foundation and San Francisco city officials said they reached a deal Wednesday with JPMorgan Chase & Co. and insurer MBIA to restructure $120 million of variable-rate bonds, securing the financial stability of the largest collection of Asian art in the Western world.

The proposal, which still needs approval from the San Francisco Board of Supervisors, would have JPMorgan forgive $21 million and issue new bonds at a fixed rate of 4.6% at a 30-year term, Controller Ben Rosenfield said during a news conference at the Asian Art Museum.

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