When the New York State Legilature adjourned for a summer recess earlier this month, lawmakers left one of the state's bonding agency in the lurch by not acting on a bill to renew its borrowing authority.

"On June 15, 1991, [State of New York Mortage Agency's] authority to issue bonds sunset," the agency's president and chief executive officer, Carmen A. Culpepper, said yesterday. "This meant our ability to issue taxable and tax-exempt bonds was stopped."

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