DALLAS -- Nearly two months into fiscal 1993, Moore, Okla., officials said they will cut $1.1 million from the city's current budget after AMBAC Indemnity Corp. declined to insure a controversial budget-balancing debt restructuring.

City Manager Jay Newton said the city has abandoned plans to competitively sell a $29 million taxable deal that would have raised the principal outstanding to $104 million from $63 million for the city-created Moore Public Works Authority.

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