CHICAGO -- The Wisconsin Building Commission has selected First Boston Corp. and Lehman Brothers as senior managers for an upcoming state transportation revenue bond issue that could include up to $345 million of new and refunded debt.

Frank Hoadley, the state's capital finance director, said the state plans to refund about $140 million of bonds issued in 1986 and 1988 for an anticipated interest rate savings of 3% to 5%. The state is also considering the issuance of up to $205 million of new transportation debt for building new or expanding existing state highways, he added.

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