An aggressively priced $1.2 billion California general obligation bond issue encountered little investor resistance yesterday as it sold down to a $199 million balance at a maximum yield of 6.60% on the longest maturities.

An account led by Bank of America beat out two rival bidders with a true interest cost of 6.2959% to win the bonds. A Goldman, Sachs & Co. group bid a TIC of 6.3265% and a Lehman Brothers syndicate had a 6.3818% TIC.

In the secondary market, tax-exempts erased early morning losses on a stronger-than-expected July retail sales report and managed to wind up in the plus column with average gains of 1/8 point. Trading, however, was again lethargic, market participants emphasized.

The Bank of America group reoffered the bonds at yields running from 4.50% in 1992 to 6.10% in 2001, 6.45% in 2006, and 6.60% in 2010 and 2011. The 2011 maturity carries an interest rate of 10% and will probably be used for stripping purposes, traders said.

The 6.60% return in the 20-year maturity was about five basis points lower than where traders estimated it last Thursday when supplying numbers for The Bond Buyer 20-bond index. California's GOs are rated triple-A by Moody's Investors Service, Standard & Poor's Corp., and Fitch Investors Service.

In the negotiated market, a syndicate headed by Lehman Brothers priced $379.1 million Ohio Housing Finance Agency single-family mortgage revenue bonds (GNMA mortgage-backed securities program).

The $80 million non-AMT bonds were tentatively priced at par to yield 7.05% for the $38.8 million term bonds of 2016 and 7% for the $31 million term bonds of 2011. Serials are expected to yield 6.70% in 2004, 6.80% in 2005, and 6.85% in 2006.

Returns for the alternative minimum tax issue are expected to run from 5.60% in 1994 to 6.85% in 2004. The $263.9 million RIBs and SAVRs are not being formally reoffered.

The Ohio HFA issue is rated triple-A by Standard & Poor's and Moody's.

A First Boston Corp. account marketed $132 million Hollywood, Fla., water and sewer revenue bonds, insured by Financial Guaranty Insurance Co. and rated triple-A by Moody's and Standard & Poor's.

Yields on the current interest bonds run from 4.90% in 1992 to 6.65% in 2004, 6.75% in 2011, and 6.95% in 2021. The capital appreciation bonds will yield 6.80% in 2005-07.

In the short-term market, a Prudential Securities account priced $150 million Maine GO tax anticipation notes.

The notes, due June 30, 1992, were priced with a 5 1/4% interest rate to yield 4.75% -- five basis points less than the return at the preliminary pricing.

An official at Prudential said that there was a "diversified group of buyers, including funds, corporations, trust departments and individual retail."

The notes are rated MIG-1 by Moody's, SP1-plus by Standard & Poor's, and F1-plus by Fitch.

Negotiated Pricings

Pennsylvania Housing Finance Agency, $85 million single-family mortgage revenue bonds. The interest on the bonds is subject to the federal alternative minimum tax for individuals.

Ratings: Moody's Aa (expected); Standard & Poor's AA.

All bonds are tentatively priced at par.

The $37.6 million current interest bonds are expected to yield from 5.40% in 1993 to 6.80% in 2002, 7% for the term bonds of 2005, and 6.75% for the super sinkers of 2017.

There will be no formal reoffering for the $23.7 million select auction variable-rate securities or the $23.7 million residual interest bonds.

Bear, Stearns & Co. is senior manager for the underwriters. The official award was expected yesterday.

Bexar County Health Facilities Development Corp., Tex., $65.2 million hospital revenue bonds (Methodist Hospital project).

Ratings: Moody's Aaa; Standard & Poor's AAA. AMBAC insured.

The $48.1 million term bonds, due 2021, were offered at 96 5/8 as 6 3/4s to yield 7.02%. The $6.3 million term bonds of 2010 were priced at par to yield 7%. The serials were scaled from 4.90% in 1992 to 6.60% in 2002 with all maturities priced at par. There was no formal reoffering for the $3.1 million term bonds of 2005.

The bonds were marketed through an account co-managed by PaineWebber Inc. and Southwestern Capital Markets. The verbal award was received yesterday.

Holy Cross Health System Corporation, Ind., $88.3 million hospital revenue bonds.

Ratings: Moody's A1; Standard & Poor's AA-minus.

The serial bonds were tentatively priced to yield from 5.25% in 1992 to 6.90% in 2002. There was no formal reoffering for the serials of 2003 or the term bonds of 2012 or 2014.

The bonds are being issued by St. Joseph County, Marshall County, and Madison County.

Ziegler Securities is manager for the underwriters. The written award is expected tomorrow.

Monmouth County Improvement Authority, N.J., $45.2 million correctional facilities revenue bonds, series 1991.

Ratings: Moody's Aa1; Standard & Poor's AA.

The final yields range from 5.10% in 1993 to 6.65% in 2009-11.

First Boston Corp. is senior manager for the underwriters. The verbal award was received yesterday.

Colorado Housing and Finance Authority, $40 million single-family program senior bonds, 1991 issue C (federally insured or guaranteed mortgage loans).

Ratings: Standard & Poor's AA.

All bonds were priced at par.

Yields on the $32.3 million alternative minimum tax bonds run from 5.60% in 1993 to 6.60% in 200q, 7.20% in 2007, 7.25% in 2009, 6.85% for the super sinkers of 2022, and 7.375% in 2023.

The return for the $7.7 million non-AMT issue was set at 7.20% in 2018.

Goldman, Sachs & Co. is senior manager for the underwriters. The verbal award was received yesterday.

Reno, Nev., $32.4 million hospital revenue bonds (St. Mary's Regional Medical Center) seris 1991 A.

Ratings: Moody's Aaa; Standard & Poor's AAA. MBIA insured.

Prices were revised to shave yields on the term bonds by four basis pointgs.

The $24.7 million term bonds of 2021 were repriced to 6.70s to yield 7.05%. The $4.2 million term bonds of 2006 were repriced to 6.70s to yield 6.96%. Serial yields still run from 6.05% in 1996 to 6.60% in 2001.

Merrill Lynch & Co. and Cain Brothers, Shattuck & Co. are co-managers. The official award was expected yesterday.

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