NEW YORK: The Port of Corpus Christi will issue $115 million in revenue bonds to help pay for capital improvements.
Port Authority commissioners voted 7-0 to approve the bonds, which will help finance a variety of projects.
Commissioner David Engel, a member of the port’s finance committee, said passing the bonds now allows the port to take advantage of favorable interest rates.
The bonds would be repaid from revenues the port generates each year and would not require a tax increase or raising tariffs, said Dennis Devries, finance director for the port.
“The port has to do its part to build up its infrastructure … for its customers today and in the future,” Engel said.
A total of $359 million in projects are slated for the port in the next 10 years. Among its priorities is deepening the Corpus Christi Channel to 52 feet from its current depth of 45 feet.
John LaRue, the port’s executive director, said the port’s credit position has been strengthened by improvements to its railroad system and the diversity of its tenants.
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