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April 23, 2014, 9:37 am
970 WMAY News

City Offers Bonds For Infrastructure Improvements to Area Residents Wednesday


It's a chance for you to put your money where Springfield's infrastructure is.

 

The city will offer up bonds for local investors beginning Wednesday through a host of different banks and institutions or by contacting the city's Office of Budget and Management at 789-2191. OBM will put interested investors in touch with JP Morgan, the bond underwriter.

 

Sales for Sangamon County residents will be available Wednesday and then available everywhere else Thursday, according to Mayor Mike Houston.

 

But some aldermen say there has been a lack of information for the public concerning the bonds.  Aldermen Joe McNemamin said there was a breakdown somewhere and it is a "farce." 

 

A press release from the Mayor's office says bonds can be purchased in $5,000 increments and have ranging dates of maturity and interest rates. The city plans to use over $80 billion in bonds over three years to be used for infrastructure improvements.

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