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Delray Beach approves up to $33 million in bonds to finance municipal golf course renovation; greens-fee limits set
Summary
The Delray Beach City Commission authorized up to $33 million in public improvement bonds to finance a renovation of the municipal golf course and approved maximum greens-fee rates intended to support debt service.
The Delray Beach City Commission on Oct. 21 authorized up to $33 million in public improvement bonds to finance renovations at the municipal golf course and set maximum greens-fee rates the city says will cover debt service for the project.
The action follows a presentation by Jay Glover of Public Financial Management, the city’s external financial adviser, who described the planned competitive sale of bonds and reporting of credit ratings from Moody’s and S&P. "I see no reason why when we hear back from them a week from today that your current ratings will not be affirmed," Glover said, noting S&P and Moody’s had reviewed the city’s finances and that market rates had recently trended downward.
City staff said the financing would cover…
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