The New York State Thruway Authority yesterday introduced a high-priced new credit that took advantage of favorable market conditions, a stream of dedicated revenues, and a recent court ruling to sail through the municipal market, underwriters and analysts say.

The $375 million bond issue, underwritten by a syndicate led by Smith Barney Inc., was the first to tap the state's Dedicated Highway and Bridge Trust Fund, a relatively secure stream of fuel and highway use taxes that investors generally prefer to run-of-the-mill state appropriated debt. Appropriated bonds pay interest only after an annual payment or appropriation of the state legislature. In addition to yesterday's issue, the authority can sell about $2.3 billion more bonds supported by the fund.

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