The Texas Bond Review Board last week approved a $65 million bond issue to provide money for a special revolving fund operated by the Texas Water Development Board.

Plans call for selling the general obligation bonds the week of Nov. 28 or Dec. 5 and delivering them on Dec. 16. Masterson Moreland Sauer Whisman Inc. will act as senior manager.

Proceeds from the sale will be used for several programs. They include: Series 1994-A to fund water supply loans to municipalities; Series 1994-B to provide matching funds for wastewater loans; Series 1994-C-D to fund water supply and wastewater project loans or grants to municipalities in economically distressed areas of the state.

The Bond Review Board, which oversees all state-level debt issues in Texas, also approved $6.1 million in financing for the Texas Department of Housing and Community Affairs.

The federal Resolution Trust Corp. will provide financing for the purchase of affordable housing for low-income families through a two-year real estate lien note.

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