Cape Coral refinances sewer bonds to save tax payers almost $27M
NBC2 is tracking your tax dollars in Cape Coral, where the city is saving nearly $27 million in interest on bonds it owes.
Cape Coral refinanced $248 million it owed in water and sewer bonds. The move will save $26.9 million in interest that would have been paid out over several years.
The city's finance department closed the deal on Dec. 27th, just as crews prepared to work on the utility expansion projects, and ahead of major tax reform.
In a statement, City Manager John Szerlag said the city's finance staff was keenly aware of the potential repercussions to Cape Coral from the Federal Tax Reform Bill.
"Their quick action enabled us to save our utility customers almost $27 million in interest costs.”
Cape Coral said the refinancing would ultimately trickle down to homeowners, ensuring what you pay for water and sewer remains stable.
"I think that's awesome," Cape Coral resident Rebeca Brown said. "I think that's wonderful that Cape Coral is trying to save us money in our community and think smart."
This refinancing is one of the single biggest the city has ever done. It will not have any effect on any of the assessments for the utility expansion projects.