- Like the state, Cape Coral’s population swelled in last decade
- Sale of $138 million in debt will help shift from septic tanks
The accelerating growth of Cape Coral, Florida, is spurring the town to tap the municipal bond market for basic needs like running water and working toilets.
The Gulf Coast city plans to sell $138 million in debt next week, with proceeds used for water systems to reduce reliance on wells and site-specific septic tanks. Cape Coral joins other Florida cities building and expanding water and sewer facilities to meet demand from a US migration that’s given the state the fastest-growing population in recent years.
“We didn’t expect this to happen this quickly,” Ryan Rossi, director of the South Florida Water Coalition, said regarding the population growth in the region. “We really need in Florida to update a lot of our infrastructure.”
Bloomberg Markets
By Shruti Singh and Eniola Longe
October 20, 2023