Port Authority Sets $1 Billion Muni Deal Amid Bridge Scandal
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The Port Authority of New York and New Jersey, the agency at the center of a scandal involving Governor Chris Christie’s staff, plans to sell $1 billion of taxable municipal bonds next week.
The debt matures in August 2046 and proceeds will finance redevelopment of the World Trade Center site, offering documents show. The agency, which also manages the New York City region’s three major airports and six marine-cargo terminals, borrowed a record $2 billion in 2012 for the World Trade Center.