WASHINGTON - The District of Columbia Council yesterday passed a $5.4 billion fiscal 2010 budget that includes $433.5 million for tax-exempt borrowing - all of which is expected to be issued as income tax-secured revenue bonds, according to the district's treasurer.

Treasurer Lasana K. Mack said it is "most likely" that the district will issue the full budget allocation for tax-exempt financing as income tax bonds. The budget allocation for bonds allows for income tax or traditional general obligation debt financing.

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