CHICAGO - The Illinois Finance Authority advanced borrowing plans yesterday for more than two dozen hospitals and health systems that could flood the market in the coming months with more than $3 billion in paper from borrowers seeking new money for construction projects and to shed their auction-rate structures.

In preliminary applications, Elmhurst Memorial Healthcare wants to borrow up to $540 million in new money and refunding bonds, Northwest Community Hospital would issue up to $300 million of new money and refunding bonds, and Provena Health would issue up to $667 million of debt.

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