LOS ANGELES -- A $633.4 million short-term borrowing on behalf of 282 school districts and community colleges is the largest five pooled cash-flow financings scheduled next month in California.

The California School Cash Reserve Program Authority is issuing the pool bonds via negotiation by underwriter Piper Jaffray Inc. on June 7. Proceeds will help the schools with their fiscal 1995 cash-flow management plans. The one-year bonds, which mature in July 1995, were assigned an MIG-1 rating by Moody's Investors Service yesterday.

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