School district to release $100 million in bonds for first phase of school improvements
Online Staff Report
Rockford Public School District 205 is preparing to release for sale $100 million in bonds through its underwriter, Stifel, Nicolaus & Company. The bonds will be used for $139 million of school improvements, the first phase of a $311 million plan approved by voters in November.
Interim Superintendent Robert Willis said: “These bonds will be available to the local community as we promised. It is only fair to allow the people who so generously put their confidence and trust in us to have the chance to invest in the future of the community.”
The bonds will be available in maturities ranging from 2015 to 2033. Buyers will get back 100 percent of what they invested when the bonds mature, plus interest. Interest on the bonds is exempt from federal taxes. People can invest as little as $5,000.
Standard & Poor’s is still deciding on the district’s credit rating, which determines the lending rate. District financial officials met with an S&P team late last week; a decision on the rating is expected by March 8. The bonds will be sold the week of March 11. To prepare, the bond sale is being advertised in a local newspaper March 6 and 10.
Individuals or groups interested in purchasing the bonds should contact the local office of Stifel, Nicolaus & Company at (815) 654-5500.
Posted March 1, 2013
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