(Bloomberg) -- Illinois is planning to sell $725 million in bonds backed by sales tax revenue for capital projects, according to a filing.
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The state, the lowest-rated among peers, issued on Friday a voluntary notice of the potential sale of so-called Build Illinois Bonds, which are among the main sources of funding for its long-term capital budget — helping to pay for roads, bridges, technology and other infrastructure investments.
The possible deal comes as Illinois Governor JB Pritzker, a second-term Democrat, and the state legislature negotiate the details of the roughly $55 billion spending plan he laid out last week. His fiscal 2026 budget includes earmarking $500 million to address a “long overdue capital need” to demolish unused properties and turn them into sites for attracting business and residential developments.
Proceeds from the sale of the bonds would go toward capital expenses and the cost of issuing the debt.
Mailing of the preliminary official statement for the debt sale is expected this week and a competitive sale is slated for the week of March 10, said the filing, which also notes that the state “reserves the right to change, modify or withdraw the plan for the proposed issuance.” Illinois will take factors including market conditions into account as it determines if and when to issue the bonds.
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