Port Issues $131.3 Million in General Obligation Bonds
To help fund infrastructure projects related to the redevelopment of the Blair-Hylebos Peninsula, the Port of Tacoma has issued $131.3 million in General Obligation (G.O.) bonds. The bond issue includes a $109.5 million non-AMT (alternative minimum tax) series at 4.498 percent and a $21.8 AMT series at 4.875 percent.
Both series were issued at a premium, providing the Port with bond proceeds of $139.1 million, which will be used through 2008 to help fund environmental programs, waterway improvements, information technology infrastructure, road and rail development and land purchases.
“Through solid relationships with our customers and our neighbors, the Port of Tacoma is delivering jobs and economic growth by investing in the infrastructure of trade,” said Timothy J. Farrell, the Port’s Executive Director. “We are bullish on our Port’s future, and it looks like investors agree.”
These developments are a part of the Port’s five-year, $953.6 million Capital Improvement Program, which includes the redevelopment of the Totem Ocean Trailer Express (TOTE) terminal and development of a 168-acre (68-hectare) container terminal for Yusen Terminal Tacoma Inc., a wholly-owned subsidiary of NYK Line.
Funded through Merrill Lynch and Citigroup, the bond issue was approved by the Port of Tacoma Commission on Dec. 20, 2007 and executed on Jan. 8, 2008.