FOR IMMEDIATE RELEASE

Contact:    Jim Lewin, Lee County Administration
                (941) 335-2336

FORT MYERS, Fla. (February 27, 2001) – The Board of Lee County Commissioners has approved two bond refinancings that potentially could save taxpayers millions of dollars if interest rates remain low.

At its meeting today, the Board directed staff to look into refinancing $68.8 million of transportation bonds first issued in 1987 to build the parallel span of the Cape Coral Bridge and later refinanced in 1991. Last week, the Board gave approval to refinance $96.5 million of transportation bonds issued in 1995 to build the Midpoint Memorial Bridge.

The 1991 bonds carry interest rates of 5-to-6 percent and the 1995 bonds’ interest rates range from 4.6 percent to 5.9 percent.

The county has a policy of looking into refinancing outstanding bonds if, at current interest rates, it can save at least three percent of the present value of the existing debt. The county and its financial advisors will monitor the municipal bond market and if the three-percent criterion is met on either of the issues it will proceed with refunding and refinancing the bonds.

A group of underwriters are being recommended by the county’s Bond Selection Committee to participate in selling the issues. The underwriters were selected through a competitive "Request for Proposal" process.

The county has aggressively sought to complete refinancing of all of its eligible bond issues in the last several years due to favorable interest rates – saving $31 million in future debt service costs.

To learn more about Lee County’s debt, visit www.lee-county.com and view the county’s Debt Manual under "Documents Online."