DALLAS — Texas is preparing to issue $7.2 billion of tax and revenue anticipation notes to cover cash flows to school districts for the new fiscal year beginning Sept. 1.

This year's issue is the lowest in four years, down 27% from last year's $9.8 billion, 30% below the record $10.3 billion in 2011, and nearly matches the $7.8 billion 2010 tranche. The state issued $5.5 billion of Trans in 2009.

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