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Port Commission authorizes TEFRA hearing and approves revenue bond framework to fund pier repairs
Summary
The Port Commission approved resolutions initiating a TEFRA hearing and authorizing a revenue bond framework that would allow issuance of up to $45 million in bonds and an initial appropriation of $33.33 million to fund repairs and planning at multiple piers, including Pier 35, Pier 33 and Pier 27 cruise-terminal planning.
The Port Commission on Oct. 20 moved forward a package of revenue-bond actions and a required TEFRA hearing to fund urgent repairs and design work across several waterfront piers.
Deputy Director of Finance Tina Olson told commissioners the first planned issuance would fund $32.5 million in project costs, with an appropriation request of $33,328,779 to cover project costs, CEQA fees and issuance expenses. Olson said issuance costs are estimated at $486,568 and that the authorization sought would cap bond principal at $45 million and an interest rate no higher…
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