An Indian tribe sold an issue of tax-exempt bonds.

The Jicarilla Apache Tribe of northwestern New Mexico said the $30.2-million issue was placed privately with eight institutional investors at an average yield of 9.53%. The offering was the first under a 1982 law that gives Indian tribes the power to issue tax-exempt revenue bonds for essential government functions, just as any state or municipal government does. The offering is believed to be the first ever tax-free municipal bond offering by a tribal government and had been given an A rating by Standard & Poor’s.