DALLAS -- Comptroller John Sharp's plan to seal a $4.8 billion shortfall without a big boost in revenues may win applause from Texas taxpayers, but it has bond lawyers and investment bankers worried.

Eighty-four pages into his 1,200-page report on cutting cots through merging and eliminating state agencies, Mr. Sharp lists 16 specific suggestions to change the way Texas sells its debt. The proposals range from a widely supported debt management plan to a recommendation for abolishing 20 state agencies and giving their bond issuing powers to the Texas Bond Review Board -- the agency created to oversee state issuance.

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