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Port of Beaumont Board of Commissioners
by Garrett Bryce
Monday, August 14, 2017

The Port of Beaumont Board of Commissioners today voted unanimously to order an election for November 7 to seek voter approval to issue $85 million in bonds to fund the rebuilding of three docks as well as possibly other capital projects for the port.

Prior to considering the item, the board heard a presentation from Lanier & Associates Consulting Engineers, Inc. regarding the cost of bond issue projects. The board also heard a presentation regarding financing sources for port capital improvements.

The primary project to be funded through the bonds is the rebuilding Docks 2, 3 and 4, which is estimated to cost approximately $79 million, Port Director & CEO Chris Fisher said in his report on the meeting.

The Buford rail yard interchange track, estimated to cost $13.2 million, as well as the Carroll Street overpass grade separation, estimated at $10 million, are projects also being considered for bond funding.

Fisher stated that the total estimated impact of the bond issuance would be $0.055 per $100 valuation.

“The increase will not be the full $0.055 because the port has some general obligation bonds that we are paying off, so an increase of $0.039 per $100 valuation would be required to support this bond issue,” Fisher said. Listen (6:50)

Fisher also said that the remainder of the projects not funded through bond proceeds would be funded through port revenues or possibly by any grants the port receives.

The board voted to approve a joint election agreement with Jefferson County to conduct the bond referendum election on November 7.

The board voted to adopt a resolution casting ballots for Allison Nathan Getz the conservation and reclamation district’s nominee for the Jefferson County Appraisal District. Getz also serves as the Jefferson County Tax Assessor-Collector.

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

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