DALLAS -- When the Texas Public Finance Authority last year sold a $156.5 million issue, few in the bond industry were surprised by how low most of the fees were.

Widely known for its penny-pinching, the agency had a bond counsel fee of $20,819 and other costs that were even lower. That was not surprising from an issuer that once negotiated its lawyer fees to less than 10 cents for every $1,000 borrowed.

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