CHICAGO - The Illinois Development Finance Authority's board of directors yesterday authorized the issuance of up to $10.1 million of bonds to help a Chicago suburb restructure some of its outstanding debt and head off a possible default on $900,000 of that debt.

Ron Bean, the authority's executive director, said the bond issue for Maywood will refund $7.7 million of outstanding debt and give the cash-strapped-town $2.3 million of new money. He said the board will meet in December to approve final documents for the transaction, adding that the bonds would probably be sold in January in a deal underwritten by George K. Baum & Co.

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