CHICAGO — Moving to take full advantage of the taxable Build America Bond program, Illinois plans to sell as much as $1 billion of general obligation BABs over the next two weeks to raise funds for its $31 billion capital program.
The state will take competitive bids on $350 million of new-money GOs on March 11 in a sale made up of a $300 million taxable BAB series and a $56 million non-BAB taxable GO series. Firms must submit bids on both series. The bonds will mature serially between 2011 and 2035 with a make-whole call provision. Bidders have the option of converting up to five maturities to one or two term bonds.