The administration of New York City Mayor David N. Dinkins may hold off issuing debt under a proposed commercial paper program that had been targeted to begin by year's end, city officials said.

Mark Page, deputy director of the city's Office of Management and Budget and executive director of the city's Municipal Water Finance Authority said yesterday that the city has not made a formal decision either on the timing of the first issue under the program or whether the program should go forward at all. The program would be the first commercial paper venture for the water authority.

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