The Alabama docks department has decided to beef up its forthcoming revenue bond issue, and now envisions a deal that could be much larger than the $14 million deal originally scheduled for sale in March.
According to spokeswoman Sarah Teague, the department still plans to finance a pier and warehouses with proceeds from the borrowing, but it will also seek to fund other projects, including renovations to a grain elevator.
"At first, the sale was ready to go, but [it was] held up because of the rise in interest rates this spring," said Teague. "But now we have decided to postpone it until we get our list of projects together."
The prospective issue first appeared in The Bond Buyer's list of upcoming negotiated offerings on March 25. It has remained atop the calendar since then.
Teague said that a revised issue would probably not be sold before early next spring. No size has been set.