CHICAGO — The Illinois Finance Authority board Tuesday advanced about $600 million of borrowing planned by the University of Chicago, Children’s Memorial Hospital, and others before the end of the year and into 2012.

Children’s Memorial Hospital received preliminary approval to borrow up to $65 million through a direct bank purchase to reimburse itself for the ongoing costs of its $915 million replacement facility under construction in downtown Chicago. Children’s broke ground in April 2008 on its new Ann and Robert H. Lurie Children’s Hospital. which is scheduled to open next June.

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