ROCHELLE — The City of Rochelle has approved the issuance of up to $5 million in General Obligation Bonds, Series 2026, to fund city projects including a new 8-unit aircraft T-hangar at the municipal airport and electrical upgrades at the Technology Center. The bonds will be repaid through airport and Technology Center revenues, federal grants, other city funds, and a direct annual property tax levy of up to $700,000 if needed. The bonds carry a maximum interest rate of 5.5 percent and a term through January 1, 2037, with semiannual interest payments.
Rochelle City Manager Jeff Fiegenschuh emphasized the importance of the upgrades at the Technology Center, as the center was designed without enough redundancy for electricity, so a power outage could also lead to an internet outage in the community.
The city’s ordinance includes provisions for bond redemption, registration, and compliance with tax-exempt and state debt regulations.