Funding twist: revenue bonds
Port finances have been changing over the past 10 years. Traditionally, ports financed their expenditures with general obligation bonds. This meant that repayment of interest and principal would be made with full backing from taxpayers.
Recently, says William Wardwell, a Maritime Administration specialist in port financing, portst have been funding their expenditures with revenue bonds and self-generated funds as well as state, local, and federal aid because voters have been reluctant to include port development in their municipal financings as local budgets have become tighter.