Final Municipal Liquidity Facility Transactions, Most Likely

The much criticized and hardly used CARES Act program known as the Municipal Liquidity Facility is winding down. It expires at the end of December and per Treasury’s request is not going to be extended. It served as an expensive source of last resort liquidity probably more in theory than in practice. Illinois tapped the MLF once at the beginning of the summer for $1.2 billion and is currently contemplating utilizing it for another $2 billion before the end of the year, according to an announcement from Illinois Governor JB Pritzker.

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