New Issue: Community Unit School District No. 5 in Illinois prices $82.26 million bonds with 4.56% TIC

By Cristal Cody

Springdale, Ark., March 27 - The Community Unit School District No. 5 in McLean and Woodford counties of Illinois priced $82.26 million of general obligation school bonds on Thursday with a 4.56% true interest cost, a source with the issuer said in an interview.

The final pricing terms were still being finalized, said Jennifer Hejna, quantitative analyst with PMA Securities, the district's financial adviser.

The series 2008 bonds (Aaa/AAA/-) have maturities from 2009 to 2015, 2017 to 2018 and 2020 to 2023.

The bonds are insured by Financial Security Assurance.

First Midstate Inc. and Wachovia Securities are the underwriters.

Proceeds will be used to build a new junior high school and two elementary schools and improve other school buildings, as well as refund a portion of the district's outstanding series 1997 and 1998 general obligation bonds.

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