The Arkansas Development Finance Authority's plans for tax-exemt borrowings to fund out-of-state projects have raised hackles on Capitol Hill, where an aide to Rep. Brian J. Donnelly Friday said he might seek legislation to end the practice.

So far, only one financing is in the works, a $30 million to $50 million deal that First Chicago Capital Markets Inc. could underwrite by the end of the year. But there could be many other such deals in a multistate financing program expected to raise $200 million a year fo hospitals across the country that belong to the San Diego-based American Healthcare Systems.

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