The bi-state agency can apply to use the Federal Reserve’s Municipal Liquidity Facility, if it chooses.

Public finance groups expressed hope the bill’s introduction will pave the way for consideration of municipal bond provisions.

All U.S. states will be able to have at least two cities or counties eligible to directly issue notes to the Municipal Liquidity Facility program regardless of population.

Illinois did not use its maximum amount of notes in the Fed program which could mean a possible expansion of eligibility for the muni program.

Comptroller Kevin Lembo forecast a $620 million fiscal 2020 deficit in his monthly update to Gov. Ned Lamont.

Some elder housing borrowers have also drawn on debt service reserves, violated covenants, or sought to restructure their bonds, said Moody's Investors Service.

Illinois said Tuesday it signed an agreement for the Municipal Liquidity Facility to purchase its one-year certificates. Closing is expected Friday.

The fragility of the economy amid protests and the continuing coronavirus threats have dealers unloading some risk.