The Port of Camas-Washougal Commission has approved the issuance and sale of $4 million in bonds, to finance several improvements projects.
The commission voted 2-to-1, during its Jan. 20 meeting. Bill Ward cast the dissenting vote.
One series of limited tax general obligation bonds in the amount not to exceed $1 million (tax exempt) will be used for the waterfront trail project.
A series of bonds not to exceed $3 million (taxable) will finance construction of Building 17, in the Steigerwald Commerce Center and renovations to the building leased by Westlie Ford, at 40 Marina Way.
Port Finance Director Kim Noah said there is a cap on the maximum interest rate that the port will accept for each bond. For the tax exempt bonds, the interest rate cap is 3.65 percent. For the taxable bonds, it is 5 percent.
After some discussion, Ward said he wanted to postpone the vote.
Commissioner Bill Macrae-Smith made a motion to approve the bond issue, and Mark Lampton seconded the motion.