A $40-million bond sale later this month by Cape May County will fund some bridge, road, and other capital improvements.
Although county Chief Financial Officer Francine Springer could not tell what the interest rate will be on that 20-year bond, Nov. 14, she told freeholders it would likely have little, if any, impact, perhaps $0.2 of cent on the tax rate. That is because a final $1.6-million installment payment is pending on a 2009 bond. An increase in ratables, due to new construction, is also expected to moderate the tax rate, she said.
As aging bridges remain uppermost in the minds of county officials and those who cross them, the board approved a $1.1-million modification to a contract with Greenman-Pedersen, Inc. for engineering services on Townsend’s Inlet Bridge.
That contract will involve engineering designs to replace seven spans on the Avalon side of the Ocean Drive bridge (CR 619), part of the span’s underwater substructure repairs.