BOSTON -- The board of directors of the Massachusetts Water Resources Authority, the subject of a state conflict-of-interest investigation, yesterday voted to terminate contracts with its bond underwriting team and its financial adviser.

The expected changing of the guard at the authority came after a previously undisclosed contract between Mark S. Ferber, who works for a firm that is the MWRA's financial adviser, and Merrill Lynch & Co., one of the authority's bond underwriters.

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