Nearly $1 billion of California bonds hit the primary yesterday with a top yield of 5.22% in 2031, uninsured, while secondary market prices eked out 1/8 to 1/4 of a point gains. Complete market coverage by Sean Monsarrat on page 2
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News
H. RUSSELL FRASER, chairman of ACA Financial Guaranty Corp.'s board of directors, has resigned to pursue outside interests, the bond insurer said yesterday. Page 38
The Regions
REPUBLICANS IN New Hampshire believe they have found the solution to the state's snowballing school funding crisis -- a constitutional amendment aimed at extricating the judiciary from the controversy. Page 3
Washington
BOND TRUSTEES were warned yesterday by panelists at the American Bankers Association's Capital Markets Forum for Corporate Trust Professionals that they are better off referring most investor requests for information back to the issuer of the bonds. Page 5
Investors & Investing
PAINEWEBBER INC. merged its PaineWebber National Tax-Free Income Fund with the PaineWebber PACE Municipal Fixed-Income Fund on Friday, and the firm has plans to soon divest itself of its three other municipal bond funds. Page 6
Midwest
SEVERAL MINNESOTA lawmakers warned this week that they expect the state's projected surplus to shrink by as much as $1 billion when the new revenue forecast is released today. Page 36
Listings
New-Issue Calendar Pages 8-12
Notices of Sale Pages 13-14
Requests for Proposals Page 15
Employment Opportunities Pages 18-21
Bond Redemptions Pages 27-34
Market Statistics Pages 40-43
