Port reports collections above projections, used $3M defeasance to meet bond coverage
Port officials told legislators the port had collected about $2.66M more than projections through July and used a $3M cash defeasance to restore a required debt service coverage ratio after a 2018 bond covenant omission.
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At the Sept. 18 hearing, Port Authority officials described recent revenue collections and steps taken to address a bond covenant calculation issue. Rory Respicio said the port's move to a cloud-based financial management system enabled more real-time tracking and that as of July the port had collected $2,660,000 above projections for the fiscal year to date.
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