Used properly, they’ve saved taxpayers hundreds of thousands of dollars in interest rates. When something goes wrong, opponents decry that they’re too risky, skirt taxpayers and bust through tax caps.

Alternate revenue bonds are a funding mechanism used by some local governments in Illinois to help pay for projects ranging from sewer improvements to land purchases.

McHenry County College has considered issuing alternate revenue bonds if a $42 million expansion to its health and wellness programs moves forward. But a college official said last week that it’s too early in the process to outline a cost or possible funding opportunities.