BROWNSVILLE, Texas—The Brownsville Navigation District closed on the issuance of Revenue Bonds, Series 2016 (AMT), on March 2, 2016.
The BND issued the sale of the bonds on Feb. 9, 2016, and received a premium of $1,901,070, bringing the total to $29,307,827.
BND purchased insurance, paid required fees, and deposited $814,932 into a debt service reserve fund. The remaining balance of $28 million has been deposited into a construction fund.
BND intends to use the net proceeds from the offering primarily to build a new liquid cargo dock and reimburse itself for the purchase of a mobile harbor crane. Remaining proceeds may be used for the maintenance of existing facilities.
“This bond financing enables the Port of Brownsville to meet the growing demands of its liquid cargo tenants and their customers, and provide the port with the flexibility to continue its mission of attracting industry and maritime commerce while providing economic growth and job creation in the region.” said BND Chairman Ralph Cowen.
BND, a political subdivision of the State of Texas, operates as the Port of Brownsville. The Port of Brownsville achieved another record-breaking year in cargo movements in fiscal year 2015 ending Dec. 31, 2015. More than 10.1 million tons of cargo moved through the port, exceeding the 2014 record of 8.4 million tons. The Port of Brownsville is the only deep water seaport directly on the U.S./Mexico border, and the largest land-owning public port authority in the nation with 40,000 acres of land.