Two carry yields of more than 4 percent, versus the 1.1 percent dividend on the Standard & Poor's 500-stock index.

The serial bonds, which are subject to alternative minimum tax provisions, carry yields from 5.90 percent in 1993 to 6.75 percent in 2003.

Serial bonds that were part of the offering carry yields ranging from 2.70 percent in 1992 to 6.55 percent in 2009.

"Those things are carrying yields of between 8 and 11 percent," Mr. Perritt said.

The state bonds carry lower yields, analysts said, because the ratings of the state are higher and it issues fewer bonds than the city.

A rise in interest rates tends to lower the value of existing issues carrying lower yields.

Notes are shorter term than bonds, and typically carry lower yields as a result.

Term bonds carried yields of 6 percent on those maturing in 2009 to 6.022 percent for maturity in 2022.

The Osprey notes carried high yields even before Enron began its decline.

To remain competitive, these issues carry higher yields than completely tax-exempt issues.