Unless port officials can reach agreement with banks to do otherwise, the port faces the prospect of issuing $230 million worth of bonds intended to finance a container terminal it no longer needs. Otherwise, the port could end up paying banks more than $24 million to extricate itself from bond financing agreements.
The port’s treasurer, David Morrison, told port commissioners this week he believes the port can work a deal with its bankers that makes both of those potentially painful scenarios unlikely.