FL - Commissioners Approve up to $22 Million in Bonds for Beach Plan
The town of Longboat Key will borrow the money in bonds for its beach management plan.
The town has sorted out the budgeting for its beach management plan, settling on a maximum amount to borrow that is millions under what voters approved last spring.
Town commissioners voted 6-0 Monday to authorize up to $22 million in bonds through a competitive sale to finance several beach maintenance projects.
“This is really the final stop to issuing the bonds for the beach project that you approved going back to October of 2019 when you adopted the beach management plan for the next cycle,” Town Manager Tom Harmer said. “There’s been numerous public meetings and budget discussions.”
During the next five years, the town expects to pay a $49.5 million to renourish and maintain its 10.5 miles of engineered beaches. Of that, $22 million will be borrowed, with the remainder coming from other sources. Built into the bond plan is $1 million to ensure flexibility and minimize borrowing costs in volatile markets.
“The $22 million is again, a conservative number from an authorization standpoint,” said Hilltop Securities, Inc. public finance director Joel Tindal. “Effectively, at the end of the sale, we’ll fund $21 million. Plus closing costs, which we don’t expect to be $1 million, but it does allow for flexibility in terms of the types of bonds sold.