Portland, Me., to Sell $35 Million of GARBs for Jetport

Piazza, Johanna
June 2003
Bond Buyer;6/18/2003, Vol. 344 Issue 31659, p3
Trade Publication
This article reports on the plan of Portland, Maine to sell 35 million dollars in insured general airport revenue bonds (GARBs) on June 24, 2003 for the Portland International Jetport, marking the first time it has sold GARBs for the city-owned facility. The fixed-rate bonds are broken into two series, 29.1 million dollars in tax-exempt Series 2003A bonds and 5.8 million dollars in Series 2003B bonds, which are subject to the alternative minimum tax. Though confirmation of final plans for the waterfront is due in 2004, the state has authorized ten million dollars in state general obligation bonds to pay for the development, and Portland wants to free up its general obligation debt capacity to issue more debt for the project.


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