CHICAGO — The Illinois Finance Authority has launched a new state-supported borrowing program for its local government, school, not-for-profit, and business clients aimed at lowering their borrowing costs to finance energy-efficiency projects.

Legislation signed into law last year by Illinois Gov. Pat Quinn paved the way for the program by allowing for the issuance of up to $1.5 billion of debt supported by the state’s moral obligation pledge to jump-start projects aimed at reducing energy consumption.

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