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PORT OF SKAGIT REFINANCES 2008 BONDS

May 23 2016

PORT OF SKAGIT REFINANCES 2008 BONDS 

Burlington – The Port of Skagit took advantage of historically low interest rates last month by issuing a bond to refinance existing debt and provide funding for future capital projects. 

“This is an opportunity to save the port and most importantly, the taxpayers, a lot of money,” said Commission President Dr. Kevin Ware. “Refinancing our bonds will produce $21,000 in annual interest savings for the Port.”

The port’s mission is to encourage private-sector businesses to locate to Skagit County. Currently, there is a demand for building spaces to lease, while existing facilities at Bayview Business Park, Skagit Regional Airport and the La Conner Marina are at an occupancy rate of nearly 100%. The only practical way to meet the demand is to build more buildings on port property, and the money we will save regarding refunding of bonds will help us get there.

Cynthia Weed, the port’s bond counsel, provided a detailed presentation of the limited tax general obligation and refunding bonds during a meeting of the port commission on Tuesday April 5.

In March, the port went out to bid on the refunding of the LTGO bonds which totaled $2,160,000 in 2008.Skagit Bank was the winning bid with an interest rate of 1.66%, which is substantially lower than the 3.85% to 4.10% the Port is currently paying on these bonds, said Weed.

If you are a reporter seeking information about the Port of Skagit, please call Andrew Entrikin, community outreach administrator, at 360-757-0011 or email andrew@portofskagit.com