DALLAS — After achieving its lowest short-term rates ever on $9.8 billion of tax and revenue anticipation notes, Texas will see what the long-term market has to offer in a $116 million deal next week.

The upcoming issue from the Texas Water Development Board, backed by the state’s general obligation pledge, represents a cool sip of water in a parched bond market. Austerity measures have sharply reduced the ability of state and local governments to issue debt after the Build America Bond program lapsed at the end of 2010, industry experts said.

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