The Port of Newport says it can save millions of dollars by refinancing two long-term bonds.
It’s sort of like refinancing a mortgage. When interest rates drop, it’s possible to lower your payment by locking in your loan at the new rate. For the Port of Newport, the lower interest rates are for two long-term bonds that financed some major upgrades, including the improvements that lured the NOAA Pacific Marine Operations Center there in 2010.
Paula Miranda, the general manager of the Port of Newport, said the savings will allow the port to apply for grants to upgrade existing facilities. “There have been some instances where we lost some grant opportunities because we don’t have match funds,” she said.
Miranda says the savings could top $4 million over the life of the two bonds.