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Financing for port on council’s agenda - The Galveston County Daily News : Local News

September 23, 2014

Financing for port on council’s agenda

Posted: Sunday, July 20, 2014 9:25 pm

GALVESTON — A  proposal by the Port of Galveston that seeks to use the city to secure $13 million in financing for a terminal expansion project will be discussed during the city council’s workshop meeting on Thursday, according to an agenda posted Friday.

The port is seeking the city’s help after local banks declined to make such a large loan with a small amount of collarterall to back it. In June, the Wharves Board of Trustees proposed that the city issue subordinate lien revenue notes to finance improvements instead.

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