Invest back in US harbors: port officials
Oct 28, 2011 | 05:25 PM
| Catherine Ngai
NEW YORK The cost of maintaining U.S. port infrastructure and the alleged misappropriation of funds earmarked for investment in the nations port facilities dominated the testimony presented this past week at a hearing before the House Water Resources and Environment Subcommittee of the Transportation and Infrastructure Committee.
Much of the discussion revolved around an estimated $6-billion surplus in Harbor Maintenance Trust (HMT) funds and why that money has not been spent. The HMT is a federal tax imposed on shipments of cargo in U.S. ports to underwrite dredging maintenance conducted by the U.S. Army Corps of Engineers. ....
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