Tax-exempt dollar bond prices inched 1/8 pointed higher in light, dealer trading yesterday, but news of a $2.5 billion New Jersey Turnpike Authority refinancing boosted their outstanding bonds 3/8 higher on the bid side and about a point higher for the offering.

New Jersey was also the talk in the short-term sector yesterday, with the pricing of $1.2 billion tax and revenue anticipation notes expected through a Lehman Brothers account today. Note traders said late yesterday that they expected the yield to be in the 4.55% to 4.60% range.

Yesterday afternoon it was reported that the New Jersey Turnpike Authority had approved a $2.5 billion refunding package and had selected senior managers for the deal. In late trading, the oustanding 7.20s, due 2018, were being quoted at 102-103. At the 103 offering, the yield came to 6.95% to maturity, 6.68% to the 1999 par call, and 6.99% to the premium call in 1993.

Returning to today's New Jersey note sale, tradres said they expected strong demand for the issue. Note prices moved sharply higher yesterday and yields fell 15 to 20 basis points on a inflow of cash from the July 1 coupon payment date and on the new of a delay in the big California sale until early next week.

In late trading, New York State 5.40% tax and revenue anticipation notes were being quoted at 5.02% bid, 5% offered. The market for Los Angeles County 5% Trans was at 4.33% bid, 4.30% offered near the close.

Moody's yesterday assigned a MIG-1 rating to the New Jersey note issue -- the state's first external borrowing for operations. In arriving at its rating, Moody's said that "satisfactory margins of coverage provided by pledged revenues and the general credit strength of the state provide highest quality security."

New-issue activity was light yesterday in advance of the approaching Independence Day holiday tomorrow.

A $39.2 million Baltimore County, Md., sale topped the competitive calendar and was won by a Prudential Securities Inc. account in close bidding with a true interest cost of 6.1011%. A BT Securities Corp. group was less than a basis point away with a TIC of 6.1107%.

The bonds, rated Aaa by Moody's and AA-plus by Standard & Poor's Corp., sold down to a $12 million balance with bank trust departments showing strong interest, according to a Prudential Securities official. Reoffering yields ranged from 4.50% in 1992 to 6.45% in 2004.

A Merrill Lynch & Co. account had the successful bid for $28.5 million Morris County, N.J., various purpose unlimited tax bonds with a dollar bod of 100.02 and a 6 1/4% interest rate.

The issue was priced to yield from 4.60% in 1992 to 6.55% in 2006 and showed a $3.4 million balance late yesterday. The bonds are rated triple-A by Standard & Poor's and Moody's.

In another competitive offering, a Chemical Securities Inc. group won $16.8 million White Plains City School District, N.Y., unlimited tax bonds and reported a $1.5 million balance.

Reoffering yields wer scaled from 4.70% in 1992 to 6.10% in 2000. The issue in rated Aa by Moody's.

In secondary dollar bond trading, New York LGAC 7s of 2016 were 1/8 higher on the day at 95 1/8-3/8, shaving the yield to 7.41%. South Carolina Public Service Authority 7.10s of 2021 were also up 1/8 and closed at 99-99 1/4, trimming their return to 7.16%. And Florida State Board of Education 7 1/4s of 2023 were unchanged at 101 1/2-102 to yield 7.01% to the 2004 par call.

Prerefunded bond prices were slightly firmer, traders said. There were a couple of lists in for the bid in the morning, which traded and were placed with permanent investors. Issues prerefunded into 1995 were quoted near the close at 5.94% bid 5.90% offered, with some dealers at slightly lower yields for their offerings.

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