ATLANTA -- The financial adviser to the Sebring, Fla., Utilities Commission has recommended that the troubled authority sell its remaining assets to Florida Power Corp., redeem its $91 million of AMBAC Indemnity Corp.-insured outstanding debt, and dissolve itself.

In a meeting last Thursday evening of the commission's board of directors, James L. Lentz, the adviser, ranked the Florida Power proposal ahead of three competing plans, all submitted by Tampa Electric Co. In each of the Tampa Electric proposals, the commission would remain in existence and the bonds would be refinanced, rather than called outright.

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