DALLAS -- The Texas Treasury will sell a record $1,5 billion in tax and revenue anticipation notes next month, but will need more borrowings to ease the cash-flow crunch in fiscal 1993, state Treasury Kay Bailey Hutchison said yesterday.

The state is also expected to sell $500 million to $700 million of short-term securities early next year to close a cash-flow deficit that will peak at $2.4 billion next May, Mrs. Hutchison said.

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