Florida boomtown borrows to fix pier wiped out by hurricane

About US$11mil of proceeds raised from a US$21mil bond issuance will be used to reconstruct the Naples Pier, which was destroyed by Hurricane Ian in 2022. — Bloomberg

NAPLES: Naples, Florida, is turning to the municipal bond market to rebuild its famous pier ravaged by Hurricane Ian – its fifth reconstruction because of extreme weather damage.

Tuesday’s deal came just days after rain from Tropical Storm Debby inundated the city.