When Adelphi University in Long Island, N.Y., goes to market this week with $25 million of tax-exempt bonds, it will use a resurrected conduit issuer to get around the lack of industrial development agency financing.

The expiration in January 2008 of the law allowing IDAs to issue bonds for nonprofit civic facilities meant that many 501(c)(3) nonprofit corporations have had to look elsewhere for financing. The debate over the law remains unsettled but is increasingly moot as municipalities revive dormant issuers or create new ones to issue bonds. 

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