DALLAS -- The Texas Public Finance Authority yesterday approved the sale of a $300 million taxable issue -- the largest ever sold by the state -- to capitalize a new state-run worker's compensation insurance fund.

The board voted unanimously to award the negotiated deal to an underwriting team led by PaineWebber Inc. and co-senior managed by two Dallas-based firms, Rauscher Pierce Refsnes Inc. and Estrada Securities Inc.

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