"We are so pleased that El Pasoans stepped up," the district's board of managers Chairman Ron Acton said in a telephone interview from New York. "It's an indication they are excited about what is happening in our city, excited about this children's hospital."

Retail bond sales to individual investors began Tuesday, a day before the $120 million in bonds were offered to large entities such as pension plans and mutual funds.

It was not known how many El Pasoans bought the $5,000 retail bonds, but the $31 million was about three times more than was bought by individuals in 2005, the last time the hospital district sold similar bonds for its expansion.

In total, all $120.1 million in bonds approved by voters in November were sold by Wednesday afternoon.

Acton said because there were so many people and funds who wanted to buy the bonds, some orders may not have been filled.

He said the great interest in the bond sale allowed the hospital district to receive a better interest rate than it has anticipated -- 5.03 percent instead of 5.58 percent.

"That means the cost of this issuance to El Pasoans and to the hospital district is a significant reduction," Thomason Hospital CEO Jim Valenti said. "That's why it's such a good day."

During the campaign to convince voters to approve the bond sale, the average homeowner was expected to pay $2.38 each month per $100,000 of home valuation for the bonds. That is now $1.65 per $100,000 of valuation, Valenti said.

"It's really fantastic. We're all smiles," Valenti said. "The amount of interest from El Paso and the amount of support from El Paso was just phenomenal."

The bond's closing date will be around May 20. On that date, investors will have to pay their brokers for the investments, and the funds from the bond sale will go to the hospital district.

Groundbreaking for the El Paso Children's Hospital will be in early 2009.

Erica Molina Johnson may be reached at emolina@elpasotimes.com; 546-6132.