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Anchorage Assembly authorizes up to $1.1 billion in Port revenue bonds and approves Terminal 1 construction award
Summary
The Anchorage Assembly approved an ordinance authorizing up to $1,102,735,000 in Port of Alaska revenue bonds and unanimously approved awarding the Terminal 1 construction contract to Manson Michaels joint venture with expanded change-order authority.
The Anchorage Assembly on April 16 approved an ordinance authorizing the issuance of Port of Alaska revenue bonds not to exceed $1,102,735,000 and, in a separate vote, approved awarding the Terminal 1 replacement construction contract to the Manson Michaels joint venture (MMJV).
The bond ordinance (AO 2025-47) was described by Assembly Member Masolitel as a step to “ensure our contractor that we are walking in partnership” and to provide funds to refinance certain outstanding port debt and to provide additional funds for future capital improvements and related financing expenses for the Port of Alaska. The public hearing for the bond ordinance drew no public speakers and the assembly adopted the ordinance by unanimous consent.
Why it matters: The bond authorization creates capacity in the municipality’s plan of finance for the Port of…
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