Press Release Article
Statement by Joseph J. Seymour, Executive Director
The Port Authority of New York and New Jersey
Re: Proposed Refinancing of Port Authority Debt
Date: Dec 12, 2002
Press Release Number: 134-2002
Investment banks frequently make unsolicited proposals to the Port Authority with respect to the agency\'s debt issuance and investment practices. Every such proposal is carefully considered, and the costs, benefits and risks of each are carefully weighed.
The Port Authority\'s Consolidated Bond resolution has proven, over the years, to be remarkably resilient and has allowed the agency to finance critical transportation and infrastructure projects for the benefit of the New York/New Jersey region.
The Port Authority has no plans to make changes to that structure. As always, our main priority is to maintain our financial integrity, and to fulfill our commitments to our bondholders and the public that we serve. We will take no steps that would jeopardize that integrity.