THE PORT AUTHORITY OF NY & NJ

Press Release Article


H. SIDNEY HOLMES III CONFIRMED BY NEW YORK STATE SENATE AS NEW PORT AUTHORITY COMMISSIONER

Date: May 21, 2008
Press Release Number: 46-2008

The New York State Senate has confirmed H. Sidney Holmes III, senior partner in Winston & Strawn’s Corporate Law Department, as a member of the Port Authority Board of Commissioners.

Mr. Holmes will replace former Commissioner Charles A. Gargano on the 12-member board, and will serve until 2012. He is scheduled to attend his first Board meeting tomorrow.

New York Governor David A. Paterson said, “During these challenging economic times, Sidney Holmes brings to the Port Authority a unique insight and decades of financial experience that will help us meet the region’s transportation needs. I’m pleased that the state Senate saw that Sidney has exceptional skills and talents, and confirmed him as a member of this important public agency.”

Port Authority Chairman Anthony R. Coscia said, “Sidney Holmes brings a wealth of public-sector knowledge and experience to our Board, especially in financial and economic development issues. He will be a tremendous asset, and we look forward to working with him as we move forward with our ambitious $29.5 billion Capital Plan.”

Port Authority Vice Chairman Henry R. Silverman said, “We are currently going through one of the most ambitious periods in the Port Authority’s 87-year history with the rebuilding of the World Trade Center site, the development of Stewart Airport and the planning for a new passenger rail tunnel under the Hudson River. Sidney Holmes’ extensive background in bonding and financial matters will provide us with invaluable guidance now and in the future. We welcome him to our Board.”

Mr. Holmes received his B.A. from Columbia University and his J.D. from Hofstra University School of Law. He has significant experience in public finance from his work on industrial and economic development revenue bond financings across the United States. Mr. Holmes served as bond counsel to the New York City Industrial Development Agency, including the development of Terminal 1 at John F. Kennedy International Airport.

The Port Authority consists of 12 commissioners, six from New York and six from New Jersey.

CONTACT:
Port Authority of New York and New Jersey
Steve Coleman, 212 435-7777, scoleman@panynj.gov


The Port Authority of New York and New Jersey operates many of the busiest and most important transportation links in the region. They include John F. Kennedy International, Newark Liberty International, LaGuardia, Stewart International and Teterboro airports; AirTrain JFK and AirTrain Newark; the George Washington Bridge and Bus Station; the Lincoln and Holland tunnels; the three bridges between Staten Island and New Jersey; the PATH (Port Authority Trans-Hudson) rapid-transit system; the Port Authority-Downtown Manhattan Heliport; Port Newark; the Elizabeth-Port Authority Marine Terminal; the Howland Hook Marine Terminal on Staten Island; the Brooklyn Piers/Red Hook Container Terminal; and the Port Authority Bus Terminal in midtown Manhattan. The agency also owns the 16-acre World Trade Center site in Lower Manhattan.

The Port Authority is financially self-supporting and receives no tax revenue from either state.