SAN FRANCISCO — California, traditionally the largest issuer of municipal bonds in the country, is set to constrain its bond sales for another year, tightening supply to one of the hungriest markets of all time.

Gov. Jerry Brown has proposed only $5.2 billion of general obligation bond sales this year after issuing nearly $5 billion last year, which was down by half from 2010 and only about one-fourth of what it issued in 2009.

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