Long-term municipal bond sales for 1993 approached the $200 billion mark last month, as another decline in interest rates spurred a late-month surge in refundings.

State and local governments sold $193.97 billion of bonds in the first eight months of 1993, up 27% from $152.81 billion in the same period a year ago. That makes this year -- with four months left to go -- the third-busiest on record, trailing only the 1992 record of $234.99 billion and the 1985 total of $206.99 billion.

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