AUDIT OF FINANCIAL STATEMENTS OF SAINT LAWRENCE SEAWAY DEVELOPMENT CORPORATION CALENDAR YEAR 1976

The Corporation has projected that beginning in 1978 it will not be able to meet its revenue bond redemption as currently scheduled. The Governments of Canada and the United States are negotiating a toll increase--the first since the seaway opened in 1959. Even with this, it is unlikely that enough revenues will be generated to resolve the Corporation's financial situation. The Corporation has considered several options, including asking the Secretary of the Treasury to alter the bond maturity dates, seeking legislative cancellation of the debt, or asking the Congress for appropriated funds. However, the Corporation does not plan to act on these options until the toll increase negotiations are concluded.

• Corporate Authors:

  U.S. General Accounting Office

  441 G Street, NW
  Washington, DC  United States  20548
• Publication Date: 1977-9-8

Media Info

• Pagination: 10 p.

Subject/Index Terms

• TRT Terms: Finance; Tolls
• Uncontrolled Terms: Financial management
• Geographic Terms: Saint Lawrence Seaway
• Old TRIS Terms: Toll operations
• Subject Areas: Administration and Management; Finance; Marine Transportation;

Filing Info

• Accession Number: 00168233
• Record Type: Publication
• Source Agency: U.S. General Accounting Office
• Report/Paper Numbers: EMD-77-60a
• Files: TRIS
• Created Date: Jan 30 1978 12:00AM