CHICAGO — The Illinois Finance Authority board this week approved the first tranche of private-activity borrowing planned by CenterPoint Joliet Terminal Railroad LLC to finance ongoing construction at its intermodal freight-transfer facility in Joliet under a $15 billion federal government pilot program.

The U.S. Department of Transportation, which manages the program — established in the 2005 SAFETEA-LU package — has awarded CenterPoint an allocation of up to $1.34 billion of freight-transfer facilities revenue bonding.

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