CHICAGO — The Illinois Finance Authority board on Tuesday advanced plans for a series of financings, including the first in the state in seven years to take advantage of the FHA 242 Hospital Mortgage Insurance Program. Another could be the first to tap the state’s Midwestern disaster area bond allocation.

The board gave preliminary approval to Mercy Hospital and Medical Center’s plan to issue up to $80 million of bonds to finance the costs of renovating its birth centers and cardiac units, install a hospital-wide sprinkler and fire alarm system, and other projects. The deal would also refinance a bank note for $35 million.

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