Without doubt, Pleasanton's municipal Callippe Preserve golf course is one of the best public courses in the Bay Area. It just needs more golfers. The course is losing about $1.4 million a year, the amount the city must takes from its fund to pay down the $22 million in bonds still outstanding. With 14 years still to go on the bonds that the city floated to pay for the $34.5 million course that opened in November 2005, some are suggesting that the city should dip into its $25 million capital reserve fund and pay off the bonds. In late 2011, the city became eligible to call the bonds but was reluctant to draw down the reserve in the midst of an economic downturn. Although the city has never had to use the reserves to meet payroll and service requirements, neighboring cities have. Those cities have closed fire stations, reduced workforces and seen their outstanding debts soar.
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posted Friday, March 1, 2013, 12:00 AM