DALLAS--Houston plans to sell a $450 million general obligation refunding bond issue later this month in an attempt to balance the city's fiscal 1993 budget by restructuring its debt service needs.

An underwriting team led by Goldman, Sachs & Co. intends to price the double-A rated bonds the week of June 15 and close the deal before the July 1 start of the new fiscal year. The deal represents about 41% of Houston's total outstanding GO debt.

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