The Port Authority Board has approved a $3 million debt pay down using existing funds to maintain compliance and protect the agency's financial standing.

The board unanimously passed Resolution 2025-20, authorizing just over $3 million to pay down a portion of the 2018 revenue bond debt.

Port General Manager Rory Respicio said the issue is technical, not operational, and the move is designed to strengthen the port's future capital options.

Without this step, the Port's debt service coverage ratio for FY2025 would drop below the required level.

The board also reviewed the Port’s mid-year report and approved measures to streamline staffing and boost regulatory compliance.