LOS ANGELES -- In an innovative use of the Marks-Roos bond pooling act, a financing authority in Orange County, Calif., yesterday refunded the outstanding debt of eight Mello-Roos districts and issued new-money bonds.

The financing apparently marks the first time that the 1985 act for refundings of land-backed debt -- such as Mello-Roos and assessment bonds -- has been accomplished without a senior-subordinate legal structure, market sources said.

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