Officials representing New York City Mayor Rudolph W. Giuliani and city Comptroller Alan G. Hevesi have locked horns over the selection of a minority firm to serve as one of two financial advisers for the sale of city general obligation bonds.

City sources familiar with the battle say officials in the Giuliani Administration are actively carrying out their new policy of eliminating the city's automatic inclusion of minority and woman-owned firms as financial advisers, bond counsel, and underwriters on bond deals.

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