Finance Minister the Hon. David Saul said yesterday.

Dr. Saul said the bond, the first in modern Bermuda history, was originally planned to pull in between $30 million and $40 million from the general public, banks and other institutional investors.

"We'll still be doing a Government bond,'' Dr. Saul said, "but it will probably be in the $10 million to $15 million range.'' Dr. Saul said school construction, which would have sucked up a substantial portion of the money, hasn't proceeded as quickly as anticipated.

"We won't need to raise it, and there's no point in borrowing money you don't need,'' he said. "But we will still be doing a Government bond, basically because we want to encourage people to continue saving.''