Cape Council to consider borrowing $65 million for capital improvement projects
The city of Cape Coral is looking to borrow up to $65 million to fund improvements at two city parks, the municipal golf course and a transportation project.
The projects to be funded by the debt would include Jaycee Park improvements, golf course irrigation improvements, North 1 West transportation improvements, and Yacht Club seawall improvements.
Ordinance 27-26, if approved, would “authorize the issuance of not to exceed $65 million in the principal amount of bonds to finance and refinance the acquisition, construction, and equipping of various capital improvements. A resolution will accompany this ordinance at final reading to implement the financing,” according to agenda documents.
According to Ordinance 27-26, the bonds “shall be issued for the purposes of providing money to – finance costs of the project, refinance the prior indebtedness, if any, and pay the costs and expenses of issuing the bonds. The principal of, redemption premium, if any, and interest on the bonds shall be payable from the non-ad valorem revenues to the extent and in the manner provided herein and in the resolution.”
The bond can be “issued as a current interest paying bonds, variable rate bonds, serial bonds, term bonds, taxable bonds, tax-exempt bonds, or any combination thereof.”
The public hearing is set for May 20.
The City Council meeting will be held at 4 p.m. Wednesday, May 6, in City Council chambers, 1015 Cultural Park Blvd. The meeting is open to the public.
To reach MEGHAN BRADBURY, please email news@breezenewspapers.com