DALLAS -- The first Texas district to sell bonds authorized under the state's controversial new school finance law met with a reasuring response yesterday.

The $1.79 million issue priced by the Grand Saline, Tex., Independent School District went to First City, Texas of Houston with a net interest cost of 6.831045%. Moody's Investors Service gave the bank-qualified, unlimited-tax issue an Aaa because the bonds were guaranteed by the Texas Permanent School Fund.

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