By: Dan Tracy
Source: Orlando Sentinel
The Orlando Expressway Authority says that it has no plans to refinance the nearly $1 billion in variable-rate bonds, although the debt is costing an extra $100,000 or more a week in interest to service, say officials.
According to Nita Crowder, chief financial officer of the Expressway Authority, refinancing the debt into a fixed rate could cost about $100 million. Her alternative is to sit tight and see whether the economy improves, which in theory would allow interest rates to drop and end the higher payments.
Crowder will outline her plan and the status of the debt — the result of variable-rate-bond deals the authority made in 2003 and 2005 — to an agency board meeting this morning at 9 at the agency’s office at 4974 ORL Tower Road.
Expressway Authority won’t rework its $1B debt
