ATLANTA - The Florida Power Corp. has agreed to buy the remaining assets of the Sebring, Fla., Utilities Commission for $17.8 million, advancing the commission's plan to forestall default on its outstanding debt.

James Lentz, the commission's financial adviser, said yesterday that privately owned Florida Power signed a contract with the municipal power agency on Monday after the resolution of a month-long impasse involving power rates. He said the agreement was unanimously approved by Sebring's board of directors at a Monday meeting.

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