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Port closes $36.65 million revenue bond and presents two‑year operating budget
Summary
The Port reported the issuance of $36.65 million in revenue bonds to fund pier repairs and infrastructure and presented a biannual operating budget under San Francisco’s Proposition A, projecting $67.6M in revenues for 2010–11 and outlining expense pressures from retirement and health costs.
The Port of San Francisco reported this month that it closed a $36,650,000 revenue bond offering intended to fund pier repairs, cruise terminal improvements and backlands infrastructure, and staff presented a two‑year operating budget under the city’s newly mandated biannual cycle.
Executive Director Monique Moyer said the bond issue closed as planned and was split into two series: roughly $14.2 million of tax‑exempt Series 2010A bonds and about $22.4 million of taxable Series 2010B bonds. She said proceeds will support multiple port projects, including elements of the Pier 27 and Pier 35 cruise terminals, roof work at Pier 19, office‑space conversion…
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