CHICAGO -- The St. Paul Port Authority yesterday unveiled a plan that will improve the cash flows of its Common Revenue Resolution 876 bond fund, but may not avert a default of the bonds.

Mike Strand, vice president of communications for the port authority, said the plan is intended to head off an anticipated default in 2000 of most of the $322 million of bonds issued under the resolution. He said the authority has not determined a new anticipated default date for the bonds if the cash-flow plan is implemented. He added that the plan requires bondholder approval.

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