Wednesday, March 27, 2013

Port Commission Votes To Research $5 Million Transfer To Schools

PORT CANAVERAL, Florida -- The Port Canaveral Commission voted unanimously today to:

1)  Hire outside counsel to explore the legality of the Port transferring $5 million to the Brevard County School Board in order to keep open South Lake Elementary School in Titusville, Gardendale Elementary School in Merritt Island, and Clearlake Middle School in Cocoa for the next two years.

2)  Obtain an opinion from the Port's bond attorney as to what affect the $5 million transfer would have on Port Canaveral's bond rating.

3)  Obtain a comprehensive financial status of the Port from its Finance Department.

4)  The Port Authority will discuss the detail of the transfer directly with Brevard County School Board.

5)  The Port Authority will re-convene in mid-April to vote on the matter after being fully advised in the above areas.

- On location real-time reporting by Bob Socks.