Whether they’re eager to participate in preserving local history or just want to take advantage of high interest rates, Clark County residents are snapping up Vancouver Heritage Bonds like crazy.
The bond sale began at 8 a.m. Tuesday to finance part of an $8.3 million Fort Vancouver West Barracks renovation project near Officers Row. By 4 p.m. Wednesday, more than half of the $1.5 million in available bonds — $849,500 worth — had been purchased, according to the city of Vancouver.
The city will continue to accept bond orders until they sell out or until June 5, whichever comes first.
“The sale is going very well,” said Lloyd Tyler, the city’s Chief Financial Officer. “We’re off to a great start.”
Fully backed by the city, the bonds are available in denominations of $500, up to a $10,000 maximum per household. They are expected to reach maturity within six to 13 years, after which they can be cashed in with interest. Two of the eight maturity dates already have sold out: the years 2027 and 2028, Tyler said.
As with savings bonds, the value of the bonds will grow over several years. At today’s interest rates, a $1,000 bond held for six years at 3.64 percent interest would be worth $1,263 at maturity. A $1,000 bond held for 13 years at 4.7 percent interest would be worth $1,871 at maturity.
Only residents of Clark County may buy the bonds. Bond order forms and instructions are in the lobby of Vancouver City Hall, 415 W. Sixth St., and online at cityofvancouver.us/HeritageBonds.
