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AMSCD Briefed on Bond Refinancing, Mosquito Control

The Ave Maria Stewardship Community District board will review details May 16 of plans to refinance about $26 million in short-term bonds that were issued when the community was established.

The bonds, which become due in November, represent about half the debt that the district carries for the construction of infrastructure such as roads and sewage facilities. The other half of the debt is in longer term bonds that don't expire for more than 20 years.

The interest on the short-term bonds has been paid entirely by the developers while the interest on the long-term bonds is paid by homeowners in Ave Maria. and represents the largest component of the special assessments that are paid along with property taxes.

District Manager Todd Wodraska did not have details of the new bond financing, but he said that the plan is for the bonds to be longer term -- at least 20 years -- and carry an interest rate of about 6.5 percent. The financing costs will initially be paid by the developers but eventually will shift to homeowners in the second phase of Ave Maria construction, for which no start date has yet been set. Current property owners, and those who buy in the short term, will not pay any of the interest charges on the new bonds, Mr. Wodraska said.

The meeting was recessed and will resume at 9 a.m. Wednesday, May 16, to review detailed financing documents. That meeting is open to the public and will be held in the offices of the Master Association in the Ave Maria town center.

The district also was briefed Tuesday on plans for controlling mosquitos in Ave Maria this summer. Adrian Salinas, an employee of the Collier Mosquito Control District, said that the district monitors the mosquito population in Ave Maria daily and arranged aerial spraying as needed. The spraying is done between the hours of 1 a.m. and 4 a.m. and the spraying schedule can be viewed on the organization's website at www.cmcd.org, or obtained by phone by calling 239-867-3200. The website has an interactive map that pinpoints where spraying will be conducted.

The chemical used in the spraying, Mr. Salinas said, is naled, an organophosphate that the EPA has determined to be extremely safe. Exposure might cause some eye irritation, he said, but no other effects.

The AMSCD budgets $80,000 a year for mosquito control.

Mr. Salinas also said that if residents experience a particularly intense mosquito problem, they can call the office at 239-436-1000 to request spraying. 

The other major piece of business before the district board was a preliminary review of the proposed budget for the fiscal year beginning in October. The board set Aug. 7 as the date for a public hearing on the budget, at which time board members also will vote on it.

 

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