Cape Council to consider UEP bond financing
Water and sewer bond resolutions and ordinances take up a large portion of Wednesday’s Cape Coral City Council agenda.
Council is expected to vote on Ordinance 24-26, which would authorize the issuance of a not-to-exceed amount of $110 million in Utility Improvement Assessment Bonds for North 1 East. The money will be used to finance and refinance the development, construction and installation of potable water, wastewater. and irrigation water utility capital improvements.
Ordinance 24-26 will refund the commercial paper – prior indebtedness – used to fund design costs.
Ordinance 25-26 is to authorize the issuance of up to $100 million in water and sewer revenue bonds, primarily to finance and refinance the acquisition, construction, and equipping of various capital improvements to the city’s water and sewer system, secured by water and sewer revenues. The ordinance permits bond proceeds to be used to pay for project costs, refinance prior indebtedness and pay issuance costs.
The planned projects include two 5-MG Irrigation Booster Tanks, Judd Creek Water and Sewer Extension Lines and reservoir waterline and pump station.
The last Resolution 105-26, if approved, will implement the financing authorized by Ordinance 25-26 by creating, structuring, and securing up to $100 million of water and sewer revenue bonds.
The council meeting agenda includes public hearings, which include citizen input with a limit of 3 minutes per individual.
The meeting will begin at 4 p.m. Wednesday, May 6, in City Council chambers, 1015 Cultural Park Blvd. The meeting is open to the public.