ATLANTA -- The Sebring, Fla., Utilities Commission hopes to sell its assets to Florida Power Corp. and pay off its $90.7 million of outstanding bonds by April 1992, but delays in obtaining regulatory approval could push back this timetable, the commission's financial adviser said Friday.

"As far as I know right now, we are on target for April, but if anyone contests this process we could be talking a delay of a number of months beyond that date," said the adviser, James Lenz, who also is president of Capital Markets Consultants Inc. in Orlando.

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