CHICAGO - The Iowa Finance Authority plans to issue $13.5 million of revenue bonds next month and lend the proceeds to 12 cash-strapped local governments and agencies trying to recover funds lost in the Iowa Trust scandal.

The bonds are expected to be sold in two issues. The first, a $10.3 million issue, is scheduled to be priced July 15, according to Tom Stanberry, managing director of the public finance division of Piper Jaffray Inc., the senior manager for the negotiated deal. The pricing date for the other offering, a $3.2 million issue, is expected about two weeks later, Mr. Stanberry said.

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