ATLANTA -- Commissioners of Lee County, Fla., Wednesday chose Raymond James & Associates, previously an outsider to county bond work, to serve as lead manager on a $20 million refunding issue.

The choice of the St. Petersburg-based firm followed the commissioners' rejection last week of Donaldson, Lufkin & Jenrette Securities Corp. for the gas-tax bonds because of concerns about Donaldson's involvement in a recent federal extortion trial in Kentucky. In March, the commissioners gave Donaldson preliminary approval to negotiate the borrowing.

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