WASHINGTON -- Bondholders have asked the Securities and Exchange Commission to investigate whether a local water authority near Chicago will violate securities laws if it redeems almost $20 million of revenue bonds next week that were escrowed to maturity or released in 1985.

The Northwest Suburban Municipal Joint Action Water Agency, which issued the bonds in 1982 to finance the construction of water supply facilities for seven municipalities in Illinois, plans to refund and redeem the securities next Wednesday.

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