Port saves money

As first reported by the Daily Sun News last month, the Port of Sunnyside has refinanced the final 10 years of a revenue obligation bond.

Port commissioners took the action during a special meeting on Nov. 21. At the time, Executive Director Jay Hester estimated the port would save about $155,000 in interest payments by refinancing the final 10 years of a $2.75 million, 20-year bond.

In a press release issued this week, the port’s finance officer, Carol Carter, said the agency now expects to save more than $200,000 in interest payments.

The bonds were sold in 2003 to help finance construction of the port’s industrial wastewater treatment plant’s sequencing batch reactors.

The bonds were not eligible for refinancing until 10 years into the original 20-year term, making this the first opportunity to capitalize on lower interest rates.

“The port is proud to have been able to save money for local industries by proactively refinancing debt in order to take advantage of lower interest rates,” Carter said in a prepared statement.

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