April 10 (Bloomberg) — Illinois issued $250 million of tax-exempt bonds in its third general-obligation sale since lawmakers passed a bill in December to repair the worst-funded U.S. state pension system.

The competitive deal included a portion maturing in April 2024 that priced to yield 3.42 percent, data compiled by Bloomberg show. The interest rate is 0.92 percentage point more than benchmark munis. The state issued 10-year debt two months ago with a spread of 1.11 percentage points.

Today's sale from the fifth-most-populous state follows general-obligation borrowings of about $1 billion in February and $350 million in December, when Illinois lawmakers approved retirement-system changes designed to save $145 billion over 30 years. Yield spreads on those deals fell 26 percent and 29 percent, respectively, from similar offers in 2013, Bloomberg data show.

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