Navigation district issues $10 million in bonds
Aug. 3, 2012 at 3:03 a.m.
Updated Aug. 4, 2012 at 3:04 a.m.
Growth is on its way to the Port of Victoria, and it won't cost as much as it once would have.
The Victoria County Navigation District issued $10 million in port improvement revenue bonds and refinanced $5.3 million in existing 2008 bonds, according to a navigation district news release.
Refinancing will save $1 million in interest, according to the release.
Navigation district Finance Chairman Robert Loeb said the move was a chance to continue port expansion and save money on existing bonds. He called the deal a win-win situation for taxpayers and the business community.
The bonds are backed by port revenues and not taxpayer dollars.
"We have to take advantage of the expanding Victoria and South Texas economy," he said in the release. "The port needs infrastructure improvements to continue to attract new business and this is the smart way to accomplish that goal without taxpayers being asked to back the bonds."
The Eagle Ford Shale boom, Caterpillar plant and other economic expansion projects have boosted business opportunities at the port. Improvements, including a new container dock, rail improvements, roads, lift bridge automation and a fleeting area are on their way to meet with the demand.
Navigation district Chairman Robby Burdge said the port commissioners and Victoria Economic Development Corp. continue marketing both the port and city.
"We are now shipping out 1 million barrels a month in oil via barge, we have frac sand being barged and railed into the port and we have business inquiries every day," he said in the release. "Container on barge service is being planned and infrastructure is needed to continue job growth and new business for Victoria."