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Looks like non-standard bolts. Which section has been egged-out? Presume the base is solidly in concrete. This could be a serious safety concern (for climbing).
Is it just the first section? Can you tell if other section bolts are rusting also? If so the problem continues upward and I would not be interested in climbing that.
Sleeve might hold water and rust. Spot welding with protective finish and new bolts, might buy you time. Risky answer.
Might drill proper sized holes, protect for rust and install new bolts that are specifically designed for this. Looks like a Rohn 25, bots aren't cheap, but worth it to avoid your issue.
Official answer take it down and start over. Safest answer
Last edited by Flint Ridge; 12-Nov-2015 at 11:58 PM.
Reason: Additional idea
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