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Jefferson County
Port of Beaumont Board of Commissioners
by Garrett Bryce
Monday, July 24, 2017

The Port of Beaumont Board of Commissioners today voted unanimously to adopt an order authorizing the issuance of revenue refunding bonds for the refinancing of Series 2007 and 2008 Port Revenue Bonds.

The port is seeking to refinance approximately $16 million in bonds that are callable or will be callable in the near future in order to realize savings through lower interest rates. The refunding is anticipated to bring debt payment savings of approximately $2.9 million, or a net present value of $1.8 million, according to Port Director and CEO Chris Fisher.

The board heard a presentation from Specialized Public Finance, Inc., the port’s bond counsel, prior to approving the item.

The board voted to approve a change order to the 2300 Manifold Civic Site Works Project. The change order increases the contract by approximately $12,687, for a new contract total of $618,225.

The board voted to approve a change order to the 2300 Manifold Infrastructure Project. The change order increases the contract by approximately $368,344, for a new contract total of $12,660,494.

Both projects are for the port’s Orange County Terminal.

The board voted to approve an engagement letter with Funchess, Mills, White and Associatese, PC for the FY2017 audit.

All items were approved. All votes were unanimous with all members present. Agenda




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