CHICAGO — Principal and interest on $14.5 million of bonds issued in 2002 for a Joliet Junior College housing project in Illinois is now due, after bondholders frustrated with the project’s failure to make timely interest payments since 2005 triggered the payment-acceleration provision in the bond indenture last week.

The trustee, Wells Fargo Bank NA, said it continues to work with holders of a majority of the bonds to consider what, if any, remedial actions might be taken to either improve the project’s performance or to recover ­payment.

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