FOR IMMEDIATE RELEASE

Contact: Jim Lewin, Lee County Budget Services
              (239) 335-2336

LEE COUNTY SEEKS TO ISSUE CAUSEWAY BONDS/REFINANCE OTHERS

FORT MYERS, Fla. (June 6, 2003) - Lee County is seeking to issue and refinance up to $200 million of transportation bonds for the replacement of the Sanibel Causeway bridges and to take advantage of low interest rates to reduce existing debt service on two other transportation bond issues.

The Board of Lee County Commissioners will be asked at its meeting Tuesday (June 10) to approve the selection of underwriters, bond counsel and disclosure counsel for the refinancing of two previously issued bonds series - that were used for the Midpoint Memorial Bridge project - and the issuance of new bonds to finance the causeway construction.

The refinancings could result in savings estimated at nearly $14 million over the term of the bonds.

Here's a breakdown:

1. New bonds (called 2003B Series) for $62 million to pay for the replacement of the Sanibel Causeway's two fixed-span bridges and drawbridge.

2. Refinancing (called 2003A Series) for $42 million of bonds originally issued to pay for the Midpoint Memorial Bridge land acquisition and design costs (original issue 1991, refinanced in 1993). Estimated savings: $5.8 million over the term of the bonds.

3. Refinancing (called 2003C Series) for $93 million of bonds originally issued in 1995 to pay for the construction of the Midpoint Bridge and improvements to its approach roads in Cape Coral and Fort Myers. Estimated savings: $7.7 million over the term of the bonds.

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 monitor the municipal bond market and if the three-percent criterion is met it proceeds with the refunding and refinancing.

Only portions of the Midpoint Bridge issues may be refinanced, depending on current interest rates. In addition, the action to be taken Tuesday has no bearing on the design option for the drawbridge replacement.

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 more than $60 million in future debt service costs.