LOS ANGELES -- Local issuers in California relied more heavily on note sales this year than in 1990, reflecting concerns over budget constraints and state aid reductions, Moody's Investors Service said in a report scheduled for release today.

From June 1 to Aug. 31, the period when most note issuance usually occurs, Moody's said it rated 195 tax and revenue anticipation note deals in California. That is an increase of almost 17% from the year before.

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