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  • OTRI.USA
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American Shipper

Port of Tacoma approves $80 million bond sale

Port of Tacoma approves $80 million bond sale

   The Port of Tacoma on Tuesday announced the issuance and sale of $80 million in fixed rate series 2005 revenue bonds, a move expected to help the port tackle capital improvements to harbor infrastructure.

   The bond sale, approved by Tacoma's port commission, is intended to take advantage of historically low interest rates. The port said last week it had refinanced $100 million in series 2006 bonds.

   According to Jeff Smith, the port’s senior director of finance and administration, the bond issue is consistent with the Tacoma’s 2005 plan of finance goals, which include improving financial capacity and reducing the average interest cost of the port’s debt.

   Revenue bonds are used to fund a portion of the port’s capital improvement plan, which includes marine cargo terminal and infrastructure development.