BREA

Local investors interested in buying a portion of Brea Olinda Unified School District’s $18.2-million general obligation bond need to hurry.

The interest rates will be set today, and all bond money is expected to be snapped up the same day, the district’s underwriter said.

Investors are encouraged to call (800) 456-4462, where orders are being taken by Bank of America Security. Already, more than $350,000 in bonds have been pre-sold, the underwriter said.

The district was assigned a AA rating by Standard and Poor’s, which is the same rating as the state of California. Investors use the rating to determine whether payback on their investment is safe. Bonds can be bought for a minimum of $10,000. Investors can also choose a maturity rate of up to 25 years.