ATLANTA - Louisiana's constitutional convention is on the verge of approving a proposed to limit state indebtedness, while the effort to reform the state's tax system appears to have run aground.

House delegates approved on Thursday a proposed debt amendment that, starting in fiscal 1994, would hold all tax-supported state borrowing to the level of 90% of the amount scheduled to be retired that year, according to John Carpenter, the House's fiscal division coordinator. Mr. Carpenter said this level would be reduced in five percentage point increments over the next eight years until a 50% level is reached in fiscal 2002.

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