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The Port is refinancing the balance of a $5 million bond issued in 2005 to cash in on historically low interest rates and reduce debt payments by $860,000 over the next ten years.
“The Port is always looking for ways to reduce costs and operate more efficiently, and this was an excellent opportunity to take advantage of strong market conditions to lower our interest payments and save money” said Port Executive Director Rob Fix.
The Port’s ability to reduce interest rates was boosted by an excellent bond rating from Moody’s rating agency. Prior to the bond sale, Moody’s affirmed the Port’s high bond rating noting strong management conditions, strong budgetary performance and sound local economic conditions as positive factors.
“The Port’s strong bond rating is continued national recognition that the Port, with leadership and direction from its Board of Commissioners, continues to practice excellent fiscal management and implement financial plans to assure the Port’s long-term fiscal stability” said Fix.