On Aug. 23, Port of Vancouver USA Board of Commissioners gave unanimous approval for the port to issue a limited tax general obligation bond. The bond will be issued for approximately $27 million, with the interest rate not to exceed 5%.
Taxes collected by the port must be used for specific purposes, including the payment of debt service to outstanding general obligation bonds, the purchase of new assets or to repair or improve existing assets and to support environmental remediation. The funds from this particular bond will be used for public infrastructure projects, such as improving docks and wharfs, marine terminal work and work on public amenities, such as the Renaissance Trail.
“One of the primary objectives of the port is to bring investment and jobs to the community,” said Commission President Jack Burkman. “This bond will help us to improve port facilities, which will in turn create more jobs and encourage business growth.”
In putting together financing for large public infrastructure projects, the port’s finance team develops strategies to provide the port with a variety of funding opportunities, including grants, legislation and bonds. Each of these strategies are carefully considered and analyzed in order to maximize the return on the port’s investment in public infrastructure and to minimize impacts to taxpayers. No tax dollars are used to pay staff salaries or salaries and expenses associated with the port’s Board of Commissioners.
The bonds are expected to be issued as soon as mid-September and will be factored into the port’s 2023 budget.
For more information about the port’s taxes, visit https://www.portvanusa.com.