CHICAGO - The Illinois Development Finance Authority is considering for the first time selling refunding bonds to restructure the outstanding debt of an unofficially distressed town to head off a possible ecfault on $900,000 of the town's bonds.

Maywood, a cash-strapped Chicago suburb. is scheduled to pay off the general obligation bonds on Dec. 1. But because the town ran into budget problems and a proposed refunding issue collapsed, Maywood faces a potential default on the bank-held bonds.

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