Edmonds Port Report: Commission votes to refinance bonds for $2.2 million savings

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The Port Commission of the Port of Edmonds at its regularly scheduled meeting Monday night:

•  Authorized the sale and issuance of a special revenue refunding bond of approximately $7.9 million to refinance the original loan made to purchase several buildings in Harbor Square. The new financing and loan agreement will result in a net savings of $2.2 million over the next five years.

•  Heard a second quarter report on Port Operations and second quarter financial reports on both Harbor Square and Port operations.

•  Was advised that the Port is required to review possible population shifts in each commissioner district as shown by the most recent federal census. A public hearing on a redistricting plan will be held at the Aug. 29 Commission meeting.

•  Scheduled meetings to establish the Port’s 2012 operating budget. Final budget approval is tentatively scheduled for No4. 14.

The next regular meeting of the Port Commission will be at 7 p.m. Monday, Aug. 29 in the Port Commission meeting room. It will include a workshop to discuss the Port strategic plan and selected details of the pending 2012 operating budget.

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