ATLANTA -- Hillsborough County, Fla., has picked Morgan Stanley & Co. to manage its long-awaited refinancing of $440 million of outstanding utility debt, a county official said yesterday.

"Their [Morgan Stanley's] proposal was chosen because it gave us the most flexibility and provides the lowest interest costs," said Edwin J. Hunzeker, assistant county administrator, noting that the selection ends a three-year effort to devise a refunding program for the county's water and sewer bonds.

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