CHICAGO — Decatur, Ill.-based Archer Daniels Midland Co., the world’s largest grain processor, has requested an allocation of up to $200 million of Midwestern disaster-area revenue bonds through the Iowa Finance Authority for improvements at its Iowa processing facilities.

The board accepted an initial application at its meeting last week so the company must return with a more detailed description of its borrowing plans for approval at a later date, said Lori Beary, community development director at the IFA, which would serve as the conduit issuer.

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