Illinois is the First Entity to Borrow from the Fed's New Facility. But "Insolvent" Entities Are Not Supposed to be Eligible
By Wolf Street / September 20, 2006 / marketsanity.com / Article Link
On April 9, amidst plunging economic conditions, the Federal Reserve announced a set of lending policy initiatives that included a new "Municipal Liquidity Facility" for state and local governments.