The long awaited $3.9 billion New York State tax and revenue anticipation note offering finally reached the market yesterday and was reoffered to investors at a yield of 4.95% to the March 31, 1992 maturity date.

The sale of the notes was delayed approximately 11 weeks because of the budget impasse in Albany. Final terms of the sale were agreed upon late yesterday at a meeting between the underwriting team and state officials.

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