CHICAGO — The Illinois State Toll Highway Authority on Thursday approved a new pool of financial advisors as it gears up to enter the market in the coming months with a roughly $200 million issue in its first borrowing to support a $12 billion, 15-year capital program.

The authority chose four financial advisory firms from 12 submissions received in May as part of a competitive selection process. The high scorer, Public Financial Management Inc., will be adviser to the authority on an ongoing basis. Three others were chosen to advise on individual transactions — A.C. Advisory Inc., Columbia Capital Management LLC and Acacia Financial Group Inc.

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