WASHINGTON -- Tax-exempt bonds will probably be needed to help finance the Clinton Administration's goal of providing running water within the next six years to Americans that do not have it, market participants say.

Federal grants envisioned for the project "are going to be insufficient to meet the need, and we're trying to craft something to help leverage the moneys that are available to achieve the goals," said J. Donaid Porter, a principal with the water utility group of Morgan Stanley & Co.

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