WASHINGTON -- Large environmental and energy projects were the big winners last year in the private-activity bond volume cap sweepstakes -- but in 1994 their luck is likely to run out.

In 1993, for the second year in a row, issuers of bonds for so-called exempt facilities, such as sewage treatment plants and electric utilities, received allocations under the cap that would otherwise have gone to mortgage revenue bonds and small-issue industrial development bonds, according to a survey by The Bond Buyer.

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