FOR IMMEDIATE RELEASE

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

FORT MYERS, Fla. (October 9, 2001) – Lee County Government is encouraging residents to "invest locally" by buying county bonds – particularly the county’s latest issue of $155 million of refinancing bonds on the Waste-to-Energy Facility.

The bonds are scheduled to be available for pre-sales to retail customers Monday (Oct. 15) and go on the market the next day (Oct. 16). That gives individual investors a jump on selecting the dollar increments and maturities they most favor (the bonds are sold in $5,000 increments). The bonds can be purchased through any local broker, or one of the four underwriters – UBS/Paine Webber (lead underwriter), Morgan Stanley Dean Witter, AG Edwards & Sons, and Salomon Smith Barney.

The bonds are called "private activity" bonds and typically carry an interest rate of up to a ¼-percent higher than other types of issues, however the entire income from the bonds may not be tax exempt. Investors should check with their local broker and tax advisor to select an option that best fits their needs.

This is the first time since the bonds to build the Midpoint Memorial Bridge were sold that the county has actively marketed its bonds locally.

"For investors who are interested in a local investment, this is an ideal way to accomplish that," says Jim Lewin, who oversees the county’s bond issues. "This is a sizable issue with a number of different maturities and interest rates, so it offers a range of options that may not otherwise be available."

Moody’s Investors Service has assigned an A3 rating and Fitch has assigned an A- rating to the bonds.

To find out more about the bonds prior to next week, you can contact any of the underwriters’ local brokerages and contacts listed below. In addition, look for an ad on the proposed sale in The News-Press.

The original bonds were issued in 1991. The county is refinancing them because interest rates have declined significantly since then. Lee County’s Waste-to-Energy Facility was completed in August 1994 and disposes of the county’s garbage by burning it and generating electricity from a steam driven turbine. The facility burns about 395,000 tons of garbage a year and generates up to 34 megawatts of electricity – or enough to power about 30,000 homes.

Below are the local contacts from each underwriter.

UBS/Paine Webber (lead underwriter)
   Joe Fair (941) 277-0007

Morgan Stanley Dean Witter
   Bob Shearer (914) 683-3200 (representative is not local)

Solomon Smith Barney
   Russell Ogan (941) 482-5400

A.G. Edwards and Sons
* Fort Myers
   5246 Red Cedar Drive, Suite 1
    Phone: 275-4466
    Mgr. James A. Nolte

Bonita Springs
   28000 Spanish Well Blvd.
    Phone: 948-1144
    Mgr. Richard L. Bucher

Cape Coral
   1801 Del Prado Blvd. South
    Phone: 574-2200
    Mgr. Patrick Zych

Naples
   850 Park Shore Drive, Suite 100
    Phone: (941) 262-3311
    Mgr. Robert Price

* Local Contact Coordinator for A.G. Edwards and Sons