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The city administration expects to save about $850,000 on its next bond issue because Financial Guaranty Insurance Co. agreed Friday to insure the issue.

Mayor Jacob A. Palillo and Robert M. Taylor of Lehman Brothers said the bond insurance, which will cost about $500,000, will save the city $850,000 over and above the cost of the insurance on the refinancing of about $44 million in existing capital improvement bonds.

Taylor said he expects Moody's Investor Service to rate the bond issue "Aaa." The city's rating from Moody's Investor Services has been "Baa" since 1976.

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