The Port of Beaumont Board of Commissioners today voted unanimously to approve the issuance of $4,765,000 in refunding bonds to refinance revenue bonds issued by the port in 2001.
The board heard a presentation from Specialized Public Finance, Inc. regarding the issuance of bonds prior to consideration of the item.
The 2001 revenues bonds to be refinanced total $4,700,000. The board will refinance the bonds through Bank of Texas at an interest rate of 2.04 percent.
According to Port Director Chris Fisher, the refinanced bonds will save the port approximately $1.29 million during the 15-year life of the bonds.
The board voted to approve payment of $1,380,000 to the Texas Department of Transportation for the Orange County Road Access Project.
The payment is the port’s local share for the roadway project, which is being performed by TxDOT. The total cost of the project is approximately $3.8 million. A grant will fund the remaining $2.5 million of the project’s cost.
All items were approved. All votes were unanimous with commissioners Henry Nix and Floy Nell Clark absent. Agenda