CAPE SCHOOL BONDS SOLD; CONSTRUCTION FUND TO BE SET UP

Consummating the wishes of an overwhelming number of voters, the Cape Girardeau Board of Education Tuesday approved a contract with A.G. Edwards and Sons Inc. for the sale of nearly $14 million in bonds for school improvements.

Proceeds from the sale will go toward a new elementary building, additions to Jefferson Elementary School, renovations to existing school buildings, and construction of a vocational-technical school.

Timothy L. Guiling, associate vice president of investment banking for the St. Louis office of A.G. Edwards, announced to the board at a special meeting that all of the bonds sold in one day.

"Although there was a week of presale negotiations for the bonds, the total amount of $13,999,195.25 was sold by 1 p.m. on Monday," he said.