The interest rate on the new five-year, fixed-rate Alberta Capital Bonds is set at 3.3%, the Alberta government announced Friday.

Interest payments on the bonds will be made annually on March 15, with interest on the bonds paid in equal annual installments or compounded annually and paid at maturity.

The new issue goes on sale February 16, and the government is looking to raise $100 million. Sales will end March 1, or when the sales target is reached.

Funds raised through the bonds will help build accommodations for Alberta seniors, including long-term care and supportive living facilities. “Alberta Capital Bonds are a safe, competitive option for Albertans looking to invest in their province,” said Finance and Enterprise Minister, Ted Morton.

The bonds will be available for purchase at participating banks, credit unions, investment dealers and ATB Financial branches in Alberta, and only to Alberta residents, and Alberta-based corporations and trusts.