Cape May County’s Board of Chosen Freeholders will hold a public hearing on Tuesday over a proposed $61 million bond ordinance.
The funding is expected to cover several projects and includes: $26 million for road upgrades, with $13.8 million in offsetting state and federal grants; $24 million for county facilities, including a pump station, library, and senior citizens center; $15 million for a jail renovation and expansion; $4 million for energy efficiency in county buildings; and $6 million for bridges, offset in part by a $1 million state grant.
According to the Cape May County Herald, while the bond ordinance is for $61 million, about $18 million in grants and other reimbursements is expected, county administrator Stephen O’Connor told the freeholders.
Moody’s Investors Service rates the county’s general obligation bonds Aa3.
