(Bloomberg) -- Connecticut bond investors have more faith in the tax man than in the full faith and credit pledge of the state.

Though the extra yield investors demand to own the state’s general obligations instead of top-rated debt is almost the highest on record, its $840 million bond sale this week is drawing interest from Conning, Eaton Vance Management and Nuveen Asset Management. That’s because the debt, which will pay for transportation projects, is backed by dedicated taxes on motor fuels, oil companies and retail sales -- none of which can be touched by lawmakers until bondholders are paid.

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