Indiana.

Indianapolis may sell about $150 million of general obligation bonds early next year pending the outcome of a petition drive and the receipt of governmental approvals for the bond issue, city officials said last week.

Jim Snyder, the city's director of strategic and financial planning, said the bonds would be sold in late January or early February through the Indianapolis Local Public Improvement Bond Bank in a deal headed by Merrill Lynch & Co. He added that co-managers have not yet been picked.

The city has collected 60,000 certified signatures of property owners on petitions favoring the bond issue, according to Dollyne Pettingill, a spokeswoman for Mayor Stephen Goldsmith. However, under Indiana law, anyone opposing the bond issue could also petition property owners to reject the issue, and the petition with the most signatures would win. Snyder said any party opposing the bonding plan has until Jan. 4 to file its signatures.

"No opposition has surfaced yet," he added.

If the city's petition drive wins, Pettingill said the bond issue would still need the approval of the City-County Council, local and state tax boards, and the bond bank board of directors.

The bond issue is part of a $519 million, three-year capital improvement plan unveiled by Goldsmith in September. The plan calls for the issuance of $287 million of bonds. Last week, the city sold the first set -- $50 million of transportation revenue bonds through the bond bank in a deal headed by Bear, Stearns & Co.

Snyder said the remaining $87 million of revenue bonds backed by sewer fees would be sold in 1994 if the city decides not to sell its wastewater treatment plant.

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