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The board of the Chicago Transit Authority approved a $38 million contract Wednesday to buy 150 air-conditioned buses in the next two years.

If funding is available, the CTA would buy up to 320 additional buses, which would have floors 14 inches off the ground to better serve disabled riders. The addition of 470 buses would give the CTA a fleet that is 95 percent handicap-accessible and 70 percent air-conditioned, officials said. The contract was awarded to Nova Bus Corp. of Quebec.

The CTA board also renewed its contract with Wells Fargo Guard Services to provide security at 122 rail stations. The contract is expected to cost $14 million for two years.