The planned sale of $50 million in so-called mini-bonds by the New York State Dormitory Authority has some market participants debating once again whether it makes fiscal sense to have a program specifically designed to help small investors afford municipal securities.

The sale would mark the first issue of small-denomination debt under the New York State Savings Bond Program. The state's Public Authorities Control Board approved the deal on Tuesday for a February sale, along with a $185 million competitive deal slated for next week.

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