Port Authority seeking line of credit

Published: Thursday, June 19, 2014 at 11:23 AM.

Hoping to stabilize its existence until the 2015 projected completion of the project to dredge the shipping channel the Port St. Joe Port Authority this week advertised for proposals to establish a line of credit.

Port Authority board members unanimously voted Monday to request proposals for a half million dollar line of credit aimed primarily at maintaining “bare bones” operations.

Board members seek a note with a five-year balloon at a fixed interest rate with interest due at the end of the term of the agreement.

“We are at the point we need to make a very responsible decision,” said board member Jason Shoaf who motioned the proposal to the full board. His hope is the line of credit would be drawn upon only to meet operational expenses.

“We need to have a responsible bare bones budget to keep the doors open.”

In the near term, the most critical of those expenses is liability insurance, the required annual audit, directors’ insurance and Florida Ports Council dues.

That would, at the least, maintain the Port Authority’s existence as the dredging logistics, costs and funding come into focus with a projected completion of the project next year.

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