The government is taking this decision while refund of the N17billion bond accessed from the market in 2009 was yet to be completed.
The state commissioner for Finance, Ademola Banu who disclosed the government decision at a press briefing on Wednesday explained that the refund of the 17billion bond would be completed by the first week of August.
He said that the government had been making the refund as and when due without defaulting at any time.
He said that this feat of the government would facilitate its accessing the proposed bond becuase it made the government to be regarded as credible at the market.
The commissioner who was speaking with Journalists on the outcome of the state weekly executive council meeting disclosed that the bond, if approved by the state House of Assembly, would be expended on such projects as the International vocational Centre at Ajase-Ipo, Ilorin Metropolis water reticulation, solar power street lights, and building of classrooms across schools in the state.
He said the money would also be spent on completion of on-going road projects such as Pategi-Kpada, Share-Oke-Oden Arandun-Ipetu and Offa-Ira roads and on starting off of the construction of the 16.8kilometre Kishi-Kaiama federal road.
He also disclosed that the bond would also be used for renovation of the Indoor Sports Hall, Olympics-Sizew swimming pool, volley ball and handball courts at the state stadium complex in Ilorin.
Banu said that continued drastic reduction in the monthly federal allocation to states constituted a reason the government was going for the bond disclosed that the bond would be refunded through Internally Generated Revenue (IGR) of the state government.
Also speaking, the commission for Housing and Urban Development, Bode Olayemi disclosed that the government at the council meeting approved the sale of the state legislative quarters to the serving members of the state House of Assembly.