LOS ANGELES -- A $30.2 million tax-exempt bond sale with unusual security -- backing by satellite wagering license fees in California -- is expected to come to market early this week.

An underwriting group led by PaineWebber Inc. will handle the deal for the California Fairs Financing Authority. Bond proceeds will refund the authority's $19.8 million of tax-exempt Cal-Fairs Revenue Bonds, series 1989A, and also prepay $11.3 million of taxable loans provided by Morgan Guaranty Trust Co.

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