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Port seeks city’s help in securing $13M in financing - The Galveston County Daily News : Local News

July 30, 2014

Port seeks city’s help in securing $13M in financing

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  • Richard Moore posted at 7:07 am on Wed, Jul 2, 2014.

    Richard Moore Posts: 73

    “The city, however, wouldn’t be on the hook to repay the loan if the port were unable to service the debt.”

    It would be virtually impossible for the City of Galveston to isolate itself from any and all of the debt of Port. Citizens need to understand this. The Port, although many would like to think otherwise, is simply a “Department” of the City. It is styled as a “Utility” in the Charter, since it is, in theory, supposed to operate financially on the revenues generated from its activities. Really no different structurally than the Water Department – except there is an “appointed” board. In public financing terms, it is known as a “Related Entity” and all of its financial activity is rolled up in the City’s financials where the City, at the end of the day is obligated for all the debt.

    Hopefully this need for financing in order to expand business will spur some fruitful discussions regarding the long term viability of the Port, which is clearly one of the best “potential” economic development activities of the City.