A key finance official in the administration of New York City Mayor David N. Dinkins said yesterday that a plan by Republican mayoral candidate Rudolph Giuliani to change the city's underwriter selection process is "nothing new,' and that the mayor's staff already follows similar procedures.

Michael W. Geffrard, director of the Dinkins administration's Office of Public Finance, also criticized Giuliani for suggesting that the city follow the examples of Kentucky and the administration of former mayor Edward I. Koch when it selects bond underwriters.

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