Utility bond conversion to save millions in interest
Returning from its holiday hiatus, Cape Coral City Council resumes its regular meeting schedule Monday with public hearings to discuss refinancing its utility improvement bonds to save the city millions in debt service.
City staff wants to convert up to $130 million in special obligation and special assessment bonds from 2007 and 2011 to a lower interest rate to save a combined $8 million in interest payments. The bond market has been showing improvement since late December and staff is asking council’s approval in order to be ready to close on the new bonds in February.
A separate resolution seeks similar action on $120 million in principal of utility improvement bonds in order to achieve debt service savings.
Council is expected to approve the dates for municipal primary and general elections for mayor and council seats in Districts 1, 4 and 6. The primary – required if more than two candidates qualify for any seat – will be set for Sept. 12 and the general election for Nov. 7.
The qualifying period for candidates begins July 3 and ends on July 7. The city has decided on a five-day early voting period for the primary and a six-day early voting period for the general election, each of those expected to cost the city approximately $6,000.
Council is expected to discuss the selection process for the new Youth Council which is in the process of accepting student application packets. The deadline for applications was extended to Jan. 12 because of the Christmas holidays.
Monday’s meeting is scheduled to start at 4:30 p.m. in Council Chambers.