Moncks Corner, SC - MONCKS CORNER, SC (WMBF) - Santee Cooper begins its Spring 2010 mini-bond sale Thursday, offering investors the opportunity to purchase municipal bonds starting at $200.
Santee Cooper mini-bonds, which are exempt from federal and South Carolina state taxes, are available for purchase by residents of South Carolina and customers of Santee Cooper, members of the state's electric cooperatives, and electric customers of the City of Georgetown and the Bamberg Board of Public Works. Interest rates vary according to the bond maturity dates, which range from 2013 through 2030. A complete list of interest rates is available at www.santeecooper.com.
The deadline to request an information packet is April 23, and the last date to order mini-bonds is April 30. Investors can purchase mini-bonds directly from Santee Cooper online or by calling 1-877-246-3338 to request information or order forms. The maximum combined purchase is $50,000 per individual.
Proceeds from the sale will be used to help maintain Santee Cooper's transmission system, which serves electric customers throughout South Carolina.
The Spring 2010 Mini-bond program includes:
- 2010 Spring Series Capital Appreciation Bonds: Minimum purchase is $200 and interest is paid on the Mini-Bonds' maturity date: Jan. 1, 2019; Jan. 1, 2024; or Jan. 1, 2029.
- 2010 Spring Series Current Interest Bearing Bonds: Minimum purchase is $500; interest is paid semiannually. The Mini-Bonds' maturity dates are Jan. 1 of 2013, 2015, 2020, 2025, or 2030.