Cherry Grove Dredging Project One Step Closer

North Myrtle Beach City Council on Monday, March 21, passed second reading of an ordinance to approve the “Master Trust Indenture” for the Cherry Grove Dredging Project, which is a step forward in obtaining financing for the project.

The ordinance approves a Master Trust Indenture (MTI) for the Cherry Grove project financing, and authorizes the mayor and city manager to execute and deliver the MTI upon the issuance of the first series of bonds for the district this year.

According to the city release, the ordinance establishes the mechanics for issuing and paying the bonds, and will be presented to financial institutions, which may have an interest in providing the financing.

Once a lender has been chosen, the final details of the bonds will be set forth in a “supplemental Resolution”, which must also be approved by the Council. After that, financing can proceed to closing.

The current schedule has dredging occurring from November 2016 through April 2017.

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3rd International Congress Hydraulic Engineering Structures and Dredging

Russia’s leading maritime industry Media Group PortNews (www.portnews.ru) holds a traditional annual Congress “Hydraulic Engineering Structures and Dredging” in Moscow. 

The two-day Congress includes the 7th International Forum of Dredging Companies and the 3rd Technical Conference “Modern Solutions for Hydraulic Engineering”.

Infrastructure development is among the real sources of Russia’s economy growth. Construction of port facilities and new hydraulic engineering structures on the country’s inland waterways constitute an essential part of all infrastructure projects. It is important to take into account the best international practices to implement these projects effectively.

The program of the Congress will be devoted to the latest technologies for dredging and hydraulic engineering works. Speakers and delegates will refer to real projects to discuss specifics features of dredging works, as well as dedicated fleet and equipment involved.

To learn more about event, please, contact the organizing committee: snitko@portnews.ru

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