DALLAS -- In a year of record volume for Texas schools, the Irving Independent School District this week made some history of its own by selling the state's first variable-rate deal by a school.

Rauscher Pierce Refsnes Inc. of Dallas priced the $15 million deal late Monday as the market reacted to news that hard liners had thrown Soviet President Mikhail Gorbachev out of power. The initial five-day put was priced at 4.8%.

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