Illinois Finance Authority approves plans to price and convert up to $4.138 billion bonds

By Cristal Cody

Springdale, Ark., March 11 - The Illinois Finance Authority approved in a board meeting Tuesday plans to price or convert up to $4.138 billion agriculture, communities, industry, health care and higher education bonds.

The approval includes $3.54 billion healthcare bonds, $348.9 million business and industry bonds and $192 million higher education bonds.

Some of the bonds will be restructured because issuers want out of the auction-rate market, said authority spokesman Diane Hamburger.

The board approval includes Commonwealth Edison Co.'s plans to convert $343.175 million series 2006 A, B, C, D, E and F pollution control revenue refunding bonds.

Timing is up to each borrower, but most want to move rapidly, Hamburger said.

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