The Connecticut Bond Commission last week approved two major financings that, because of the state's inability to pass a budget, probably will come to market as bond anticipation notes, rather than as bonds.

"We don't want to lock in long-term fixed rates while things are in disarray," said Benson R. Cohn, the state's assistant treasurer for debt management.

The commission, which signs off on bond authorizations and issuance, approved the borrowings that totaled about $600 million.

That figure includes up to $350 million of general obligation debt, which would come to market next month as temporary Bans.

Merrill Lynch & Co. is serving as senior manager on the deal, with Dillon Read & Co. and M.R. Beal & Co. serving as co-senior managers.

Also included in the $600 million authorization is a $250 million allowance for the state's special revenue transportation program, which also could come to market in note form.

According to a memorandum from the Public Resources Advisory Group, those plans could change if lawmakers, now locked over the whether to use an income tax, resolve their legislative impasse.

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