State and local governments sold $11.57 billion of long-term bonds in October -- making this the third-biggest year on record for the municipal market, with two months yet to go.

Municipal bond sales for 1991 now total $131.85 billion through Oct. 31, which was 28% above the $103.38 billion sold in the same period of 1990 and, in fact, already surpasses the $128.59 billion total for all of last year. The market has seen only two bigger years: 1985, when volume soared to an unprecedented $204 billion, and 1986, wh n $151.3 billion was sold.

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