1. Lebanon Community Golf Course – Financed Amount $3,000,000 The financing will be used to make improvements to the golf course including a new irrigation system with an estimated purchase and installation cost of $2.8 million. This will replace and exiting irrigation system installed at the course around 1990. The rest of the funds will be used to install a new storm warning system on the course and other modest improvements to the tees, fairways, and greens throughout the course. The estimated life span of the irrigation system and other improvements is at least 30 years, and the new irrigation system includes a 25-year warranty The City is seeking favorable financing terms of at least 15 years to allow for debt repayment from current and future revenues generated at the golf course. In the event of shortfall, the City shall guarantee repayment from other available general municipal revenue sources. City is also seeking a semi-annual loan repayment schedule with interest paid in October and principal payment in April of each year with first interest payment to occur in October of 2026 after approval of the City budget that begins on July 1, 2026. The City also desires a pre-payment option on the balance outstanding should golf course revenues exceed projections. All proposals will be evaluated and awarded based on lowest total cost of issuance as well as interest rate. The City would look favorably on a consortium of banks to provide the financing to insure maximum local participation if interested
