BRADENTON, Fla. — The Clay Gas Utility District of Clay County, Tenn., never made a payment on its bonds over the past decade. Now the district is offering to buy them for 10 cents on the dollar in a contingent tender offer.

The offer depends on 90% of bondholders participating and a successful refunding, according to a recent notice. Even if those conditions are met the district is not obligated to purchase any bonds and the tender offer could be withdrawn before the Feb. 8 deadline for bondholders to accept it.

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