WSM Port begins bond sale
Port of West St. Mary commissioners gave the go-ahead Tuesday to begin the process of obtaining up to $3 million in bond revenues.
The port has signed a purchase agreement for the former Superior Fabricators facility on the Charenton Drainage and Navigation Canal at Baldwin.
A barge fabrication company intends to lease the building from the port.
Jason Akers, bonding attorney, said low interest rates are to the port’s advantage. Lease payments can be used to pay the notes or whatever purpose the commission chooses.
When pressed by a commissioner, Akers said it’s likely the commission will land somewhere around a 2.5 percent interest rate when the bonds are sold.
“We’re working on other projects other than the Superior one,” Executive Director David Allain said. “I’m not sure what’s going to happen, but we are in the middle of a pretty sizable deal on the industrial park.”
The commission approved a resolution authorizing Akers to begin the bond sale process.
Also Tuesday, Allain’s contract was renewed for a second two-year term. Allain’s salary of $82,000 per year reflects a $12,000 raise over the former contract.