The Illinois Tollway Authority announced last week that it is issuing a $500 million bond to pay for on-going rehab work, a $6.3 billion program now in its fifth year. The bond issue is one of the first Build America Bonds in Illinois, the result of a provision in the American Recovery and Reinvestment Act, which includes a federal tax-credit to states and municipalities to issue taxable bonds. The deal, which is still being finalized, will issue $400 million in taxable Series A Build America Bonds, and $100 million of Series B tax-exempt bonds. Both bonds mature in 2034. more ›