WASHINGTON -- District of Columbia officials, working with PaineWebber Inc., are developing lease terms that will serve as the basis for the city's first-ever certificate of participation offering, according to Ellen M. O'Connor, the district's deputy mayor for finance.

O'Connor said "intense work on the lease" is under way, with an eye toward finalizing the package by mid-October. The lease would then be reviewed by the D.C. Council, the city's legislative body, a process that could take up to 60 days.

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