WASHINGTON -- Harrisburg, Pa., has redeemed about $390.1 million of electric revenue bonds for a profit of more than $8 million despite the concerns of some traders, lawyers, and federal regulators that the redemption might violate bondholder rights and tax laws.

The bonds were issued in 1986 to finance a new dam and hydroelectric generating plant to the Susquehana River. But the project has not been built and is currently opposed by federal and state agencies, as well as sports and environmental groups.

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