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  • Cape May County Bridge Commission Bridge Revenue Financing

    In July of 2012, NW Capital Markets Inc. was proud to be the Senior-Manager on the $13,460,000 Cape May County Bridge Commission, County-Guaranteed Revenue Refunding Bonds, Series 2012. The Commission operates and maintains five toll bridges which are part of Ocean Drive, which include two roadway lanes, safety walks and a drawbridge span.  The Commission receives approximately $3,000,000 in bridge toll revenues each year.  The Series 2012 Bonds were issued to advance refund all of the Commission’s County Guaranteed Revenue Bonds, Series 2005.  The Bonds are direct and special obligations of the Commission and are paid by the revenues of the Commission.  In addition, the bonds were further secured by a guaranty agreement between the Commission and the County. NW Capital worked closely with Commission staff and professionals to help structure the bonds in the most economical way in order to provide the most savings possible for the Commission. The bonds included serial bonds from 2018 – 2023 and two term bonds in both 2027 and 2032. The final underwriting produced $871,801.57 or 7.35% in present value savings.