CHICAGO - The Chicago city council's Finance Committee yesterday approved the issuance of up to $110 million of refunding revenue bonds to pay off holders of defaulted bonds issued in the 1950s to build the Chicago-Calumet Skyway.

The refunding would retire all of the $90.2 million of outstanding skyway revenue bonds that are scheduled to mature on Jan. 1, 1995, according to Walter Knorr, Chicago's comptroller. The remaining proceeds from the bond issue would cover issuance costs, he said.

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