DALLAS -- The Crowley, Tex., Independent School District yesterday priced a $40.7 million issue after deciding not to wait to see if its bonds would be backed by the Texas Permanent School Fund under new rules expanding the state-run guarantee program.

Even though the low-cost state backing would have saved an estimated $900,000 over the 25-year life of the bonds, district officials opted instead to sell the bonds with credit enhancement from Financial Guaranty Insurance Co.

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