Roosevelt & Cross Inc. did not fulfill a commitment to purchase $159.7 million of revenue anticipation notes and bond anticipation notes after it was unable to underwrite them last week, according to Kenneth Vetter, executive director for the issuer that tried to sell the debt, the Erie County, N.Y., Fiscal Stability Authority.

The county, rather than the authority, will now privately place the Rans with Bank of America NA. Vetter said Roosevelt & Cross had been unable to obtain a loan to purchase the short-term paper itself after it failed to market the notes.

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