Port Commission authorizes issuance and sale of $80 million revenue bonds

To continue capital improvements to Port facilities and infrastructure, the Port of Tacoma Commission has authorized the competitive issuance and sale of $80 million in fixed rate revenue bonds, series 2005.

According to Jeff Smith, the Port’s Senior Director of Finance and Administration, the bond issue is consistent with the Port of Tacoma’s 2005 Plan of Finance goals, which include improving financial capacity and reducing the average interest cost of the Port’s debt.

R. Ted Bottiger, Port of Tacoma Commission President, explained that the bond issuance provides the Port of Tacoma with additional financial capacity to meet its long-term growth expectations. “The cargo that flows through Tacoma creates jobs and economic vitality for our community. As our cargo volumes grow, so too will the role of the Port as our region’s economic engine.”

Revenue bonds are used fund a portion of the Port’s Capital Improvement Plan, which includes marine cargo terminal and infrastructure development.

“With today’s historically low interest rates, this is an ideal time for the Port to issue revenue bonds,” said John Wolfe, the Port’s Deputy Executive Director. “This allows us to meet the operational needs of our customers while creating economic development for the Tacoma-Pierce County region.”

The Commission action authorizes the preparation of a preliminary statement and delegates authority to Port staff to approve the final terms of the bonds.