The Port of Oakland was able to achieve $29.2 million in present-value debt service savings by selling $345.7 million of refunding revenue bonds — the highest known level of savings achieved by the port on a refunding, officials said. The sale enabled the issuer to smooth debt services payment over the next eight years, a period in which the port's debt remains at peak or near-peak levels.

"We will continue to push the organization to aggressively seek savings, investments, grants, public-private partnerships and business growth to get us back on a track toward competitive sustainability," said Port Commission president Pamela Calloway.

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