The New York State comptroller's office will probably speak out against a sale and leaseback transaction in Troy, N.Y., but it will not have anything to say about the deal's legality, sources close to the comptroller's office say.

The deal, which closed April 1, featured the sale of $35 million of lease revenue bonds by the City of Troy Industrial Development Authority. Investment bankers sold the deal as an unrated private placement with maturities ranging from four years to 30 years.

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