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The $20 million first installment of Lincoln-Way High School’s expansion bond issue fetched an interest rate of less than 6 percent, the School Board learned last week.

Bond consultant Dean Mack of Hutchinson, Shockey, Erley & Co. of Chicago attributed the attractive interest rate to the combination of “a good market, good timing and a good school district.”

The favorable rate will save the district more than $100,000 in interest costs, Mack said.

The majority of the bonds were sold to major investorsat an interest rate of 5.28 percent, Assistant Supt. Joe Davis said. Some bonds are still available to individual investors.