CHICAGO - In a borrowing previously stalled last June by a legislative impasse over the fiscal 2010 budget, Illinois will competitively sell $1.25 billion of general obligation cash-flow certificates on Thursday to pay down bills carried over from last year.

The transaction is divided into three maturities, with $500 million coming due on March 23, another $250 million due on April 13, and the final $500 million due on June 10, according to the preliminary offering statement. Pugh, Jones, Johnson & Quandt PC is bond counsel.

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