Illinois Rural Bond Bank
Introduces The Affordable
Financing Of Public
Infrastructure Program

The Illinois Rural Bond Bank is pleased to introduce a new financing option available to local governments in Illinois. The Rural Bond Bank, in cooperation with the Department of Commerce and Community Affairs, is offering small loans to local governments through the Affordable Financing of Public Infrastructure (AFPI) program.

The AFPI program allows the Rural Bond Bank to make low-interest loans to local public entities including municipalities, counties, townships, school districts, fire protection districts, and special purpose districts located outside the Chicago metropolitan area.

Local governments can borrow funds for public purpose projects including building improvements and repairs, equipment purchases, water system improvements, road improvements and other projects being undertaken for health, safety or economic development purposes.

Loans can be made for up to $100,000 and can be repaid by the local government over three years. The current interest rate for loans is 2.815% and is fixed over the life of the loan.

In addition to the AFPI program, the Rural Bond Bank offers financing for local governments through the Bond Finance and Tax-Exempt Lease programs. Since its creation in 1989, the Rural Bond Bank has provided over $42 million to local governments in rural Illinois.

For more information or an application regarding the AFPI program or any of the Rural Bond Bank's other programs, please call the Rural Bond Bank office at (217) 524-2663. •

Page 26 / Illinois Municipal Review / September 1994