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County Encouraging Residents to Invest in Local Causeway Bonds
May 24, 2005 FOR IMMEDIATE RELEASE FORT MYERS, Fla. (May 24, 2005) - Lee County Government is encouraging residents to "invest locally" by buying county bonds - particularly the county's latest issue of $68.7 million of bonds as a major revenue source for construction of the new Sanibel Causeway bridges. The bonds are scheduled to be available for pre-sales to retail customers Wednesday, June 1 and go on the market the next day (June 2). 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 six underwriters - UBS Financial Services (lead underwriter), Citigroup Global Markets, Inc., Morgan Stanley, Raymond James & Associates, Inc., Samuel A. Ramirez & Company, and Jackson Securities. This is the first time since the bonds for the refinancing of the Waste-to Energy Facility in 2001 were sold that the county has actively marketed its bonds locally. At its meeting today, the Board of Lee County Commissioners authorized the issuance of the bonds. "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." This issue carries Insured Ratings from Standard & Poors of "AAA" and Moody's of "Aaa." Underlying Ratings also have been issued - Moody's Investors Service has assigned an A3 rating and Standard & Poors has assigned a rating of "A-." To find out more about the bonds prior to next week, you can contact any of the underwriters' local brokerages and contacts listed below. Below are the local contacts from each underwriter. UBS Financial Services Morgan Stanley Citigroup Global Markets, Inc. Raymond James & Associates, Inc. Samuel Ramirez & Company Jackson Securities, Inc. |