The Port of Vancouver USA issued its second series of revenue bonds, totaling $30 million, last month.
According to the port, thanks to strong order activity, favorable market conditions and a positive credit rating, the interest rate the port received will save $4.2 million over the life of the bonds.
“Our team works very hard to come up with innovative, cost-effective methods of financing our capital projects,” said Scott Goodrich, the port’s director of finance and accounting, in a press release. “Saving money on these bonds will allow us to invest in key infrastructure and economic development opportunities now and in the future.”
Acquisition of the 2017 revenue bonds allows the port to complete major projects and make improvements and repairs to port properties and facilities.
The bonds are the second in a series of three debt issuances that support the port’s capital program. The port plans to issue a third series of bonds next year, between $15 and $25 million.