Rockford Public Schools District 205 is readying the sale of $100 million in bonds to help pay for school improvements.
The bonds are underwritten by Stifel, Nicolaus & Company, and will go toward the first phase of a $311 million school improvement plan approved by voters in last November's elections.
"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," Interim Superintendent Robert Willis said.
Maturities ranging from 2015 to 2033 will be available and buyers will get 100 percent of what they invested back plus interest when the bonds mature. The minimum investment is $5,000 and interest on the bonds is exempt from federal taxes.
District 205's credit rating is still being decided by Standard & Poor's, which will determine the lending rate. A decision on the rating is expected by March 8 and the bonds will be sold the week of March 11.
Anyone interested in buying the bonds can call Stifel, Nicolaus & Company's local office at 815-654-5500.
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