CHICAGO — The Indiana Finance Authority has advanced a pair of transactions that will launch the state’s first use of its $3.1 billion Midwestern disaster-area bond allocation to help redevelopment efforts following damaging storms two years ago.

The IFA Tuesday approved the issuance of $6.5 million of disaster bonds on behalf of a biotechnology company that wants to build a new plant in the city of Greenwood as part of its quest to develop generic insulin.

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