PROVIDENCE – The Rhode Island Health and Educational Building Corp. recently closed a nearly $100 million bond for Newport school building projects, according to a news release.
The $98.5 million bond issued on behalf of the city of Newport will help fund construction of a new William S. Rogers High School, as well as an addition to Claiborne Pell Elementary School.
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The bond was sold to investors for a $14.4 million premium, generating $107.5 million in total on the bond sale, Rhode Island Health and Educational Building Corp. Executive Director Kim Mooers said in a statement.
The 25-year bond includes a 3% interest rate.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
