Port Authority Approves $2 Billion for World Trade Center

The Port Authority of New York and New Jersey approved selling up to $2 billion in taxable bonds for the World Trade Center at Wednesday’s meeting.

The money is to be used for construction at the whole site and not at one particular building, Port Authority chief financial officer Elizabeth McCarthy said.

The bonds will be sold from time-to-time. The first sale should take place in the fourth quarter of this year, McCarthy said.

McCarthy said the size of the sale in the fourth quarter has not yet been determined.

In other developments, the board approved investments of $635 million for authority facilities. Most of the money will go to the airports. In particular, the authority authorized $255 million to modernize LaGuardia Airport in Queens.

For reprint and licensing requests for this article, click here.
New York
MORE FROM BOND BUYER