CHICAGO –  Illinois will take competitive bids on $500 million of general obligation bonds later this month in its first borrowing of the New Year and first test of market reaction to the General Assembly’s failure to overhaul pensions.

The 25-year bonds with a level principal and interest repayment will sell on Jan. 30, state director of capital markets John Sinsheimer said Friday. An offering statement will be published Tuesday. Public Resources Advisory Group is advising the state and Mayer Brown LLP and Burke Burns & Pinelli Ltd. are bond counsel.

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