Final answer:
Cicero Corporation borrowed $27 million from a local bank to construct new facilities.
Step-by-step explanation:
When a firm needs to buy new equipment or build a new facility, it often must go to the financial market to raise funds. The purpose of borrowing money from a local bank, as stated in the question, is to construct new facilities. This means that Cicero Corporation borrowed $27 million to build new buildings or offices to support its business operations.