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.

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