Wastewater Plant Expansion - MBR Project
In June 2020, Port of Sunnyside commissioners approved the issuance of $15.7 million in Revenue and Refunding Bonds to fund a new Membrane Bioreactor (MBR) at the Industrial Wastewater Treatment Facility. The upgrades will allow for an additional one million gallons per day to be treated at the plant—doubling its capacity.
The issuance of the refunding bond was approved to refinance two currently existing bonds resulting in a savings of over $75,000. New bond covenants were also put in place allowing for additional savings that the Port can pass onto the industries it serves.
The Port timed its financing at a near historic low in interest rates. The new money bonds will fund $14 million over a 14.5-year financing period at a rate of 2.4%, and the refunding bond will fund approximately $1.7 million over a 3.5-year period at a rate of 2.53%. The low interest rates can be attributed to the Port’s strong financial position and cash balance.
Port Commissioner Arnold Martin commented, “This is a big step for the Port moving forward to do our best in servicing our industrial wastewater treatment facility users.”
The bond was finalized on June 25, 2020 and is the largest issuance the Port has had to-date.
Posted April 21, 2021
