Financing needs can be accommodated on either a pooled or a stand-alone basis. Projects financed include water and sewerage improvements, school buildings, road improvements, solid waste projects, fire protection equipment and park improvements. Under the Bond Finance program, the Illinois Rural Bond Bank makes loans to local governments by purchasing their local government securities. To fund these purchases, the Bond Bank sells its own bonds in the municipal bond market at preferred rates. Types of Financing .
Borrowers benefit by sharing the fixed transaction costs.
Borrowing under the Bond Finance program takes approximately six to eight weeks to complete. Local governments that are located outside the counties of Cook, DuPage, Kane, Lake McHenry and Will, and meet established credit standards are eligible to participate in the AFPI program.