Colorado bankers have already seen municipal bond underwritings drop in 1993 by one-third because of the tax and revenue limitation Amendment 1. Now it appears the state will borrow a lot less for its short-term revenue needs as well.

In 1992, Colorado sold $830 million in tax and revenue anticipation notes to fund temporary cash-flow shortages experienced by school districts. But this year, state officials say they expect only about $350 million to come to market as a result of a scaling back of a loan program for local school districts.

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