JERSEY CITY, N.J. - The Jersey City city council Friday approved a plan to sell $45 million in delinquent tax liens to First Boston Corp.,, in exchange for about $25 million in cash and $20 million in the form of a subordinated note.

The council approved the measure by a 5-to-1 margin, marking the final step in a months-long process of securing approvals needed to get the unique financing off the ground.

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