PHILADELPHIA -- The chairman of Philadelphia's new fiscal oversight board yesterday said he wants to delay until at least November the city's $350 million deficit bond sale, despite predictions the city will be out of cash by September without the bonds.

"I would prefer that we delay going to market until November or December," said Bernard E. Anderson, chairman of the Pennsylvania Intergovernmental Cooperation Authority. The state Legislature established the authority last month to act as a proxy for Philadelphia in the credit markets and oversee the process of restoring fiscal integrity to the city's budgets.

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