The administration of New York Gov. Mario M. Cuomo is quietly exploring the creation of a new bonding program that would sell debt to finance part of his recently proposed transportation capital agenda, sources in Albany and others familiar with the effort say.

Officials in the Department of Transportation and the state Budget Division have hired Wall Street investment banking firm Smith Barney, Harris Upham & Co. and bond counsel Hawkins, Delafield & Wood to consider the bonding program's development, Albany sources say.

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