ROCHELLE – City officials are considering issuing up to $5 million in alternate revenue bonds to fund construction of an eight-unit airplane hangar at the Rochelle Municipal Airport and electrical upgrades at the Rochelle Technology Center. The projects are estimated to cost $2.7 million, including $1.2 million in federal grant funding tied to the 2021 infrastructure bill. The new hangar is needed as all current units are occupied, and the tech center upgrades would address a lack of backup power. Raymond James, the city’s financial advisor, found the 2009 hangar bonds remain advantageous and recommended structuring a new 10-year bond at an estimated 5 percent rate. The City Council is expected to vote at its next meeting on authorizing the bond issuance.
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