The government announced the state allocations this morning, and Illinois is a big winner.
$972,000,000 for Recovery Zone Economic Development Bonds (those are the Build America Bonds that get the 45% interest rate subsidy).
$666,000,000 for Recovery Zone Facility Bonds (those are the private activity bonds that would otherwise be taxable,so they're the ones where you can flunk the famous two-prong test and still have a chance of doing a tax-exempt deal).
The State will now further allocate to the City.
Information courtesy of our Bond Council Pat Curtner.
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