Senate Finance Committee Hears Resolution for Davisville Port Bonds (USA)

The Senate Finance Committee will convene today, May 22, at 2 p.m. in Room 211.

The following is among the bills scheduled for a hearing and possible consideration:

– Sponsored by Sen. Maryellen Goodwin, this resolution authorizes the Rhode Island Economic Development Corporation (EDC) to issue harbor, pier and port revenue bonds to finance improvements in and around the port of Davisville. The companion bill (2012-H 7730A), sponsored by Rep. Helio Melo (D-Dist. 64, East Providence), is also on the agenda.

The port of Davisville is in a unique position because it is the only port on the East Coast that is not subject to the federal harbor maintenance tax. With the recommendation of the Special Legislative Commission to Study Potential Economic Opportunities in the Development of Port Facilities in the State of Rhode Island, this resolution would allow the release of state funds to complete dredging at the port and avoid utilizing federal monies, which would trigger the federal tax.

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Dredging Today Staff, May 22, 2012;

 

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