The Texas Public Finance Authority has delayed for two weeks any decision on underwriter selection for a $499.5 million refunding slate - the largest block ever by the agency.

"The board decided to give it more thought," said Glen Hartman, executive director of the authority, which is the state's largest issuer.

He said the six-member board will meet again Aug. 12, when it is likely to name financing teams for what could be as many as four separate issues.

Fifty-seven firms had responded to requests for proposals for underwriting assignments originally expected last week.

The largest part of the proposed refunding is a block of $416 million of double-A-rated general obligation debt, which represents about half the authority's outstanding GO debt.

Mr. Hartman said the agency is considering refunding of $51 million of building revenue bonds and $22.5 million of bonds sold for the Texas Parks and Wildlife Department.

Also, plans call for a $10.185 million refunding of debt sold by the Texas State Technical College system as well as a proposed $6 million new-money issue.

Mr. Hartman expects the refundings to be completed by October.

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