Golf Course Revenue Bonds

As financial advisor for $20.6 million golf course revenue bonds sold through negotiated sale in 1995 and 2003, Evergreen prepared requests for proposals and evaluated a developer, construction manager, operator, feasibility consultant and underwriter. Evergreen reviewed legal documents and recommended alternative legal covenants available to secure bonds. After the issuer chose to use debt service reserve fund and maintenance deficiency agreements, Evergreen helped develop the rating agency presentations and disclosure material regarding the financing. The bonds received ratings one-half step below the issuer's general obligation ratings. Evergreen monitored underwriter performance and advised on terms of the issue. The subsequent refunding of the original bonds saved $675,000 up front and over $100,000 annually in debt service costs for golf course operations.