Friday, February 7, 2020

Port of Everett Closes on LTGO Bond Sale

By Karen Robes Meeks

The Port of Everett in late January closed on the $26.3 million sale of Limited Tax General Obligation (LTGO) bonds that will go toward newly acquired properties such as the Norton property in north Waterfront Place and the old Kimberly-Clark mill site, the port announced.

The port was able to secure a low 3.08 percent interest rate over the bonds’ 30 years in part because of its strong Aa2 LTGO bond rating. The rating reflects “the port’s sizeable and rapidly growing tax base, its participation in the broad and diverse Puget Sound economy, and adequate financial position to finance its five-year, $103 million Capital Improvement Program,” the port said.

“As committed financial stewards of public funds, this bond sale proved to be an excellent step to support financing for the acquisition of key community and regional assets,” Port of Everett CEO Lisa Lefeber said. “I commend the work of the port’s finance team for their consistent due diligence and monitoring of the market for financial opportunities like these, which are critical elements to responsibly grow our operations and remain competitive.”