Audit Of Saint Lawrence Seaway Development Corporation Financial Statements, Calender Year 1979 V. CED-80-117

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CED-80-117 1 (1980-08-21)

handle is hein.gao/gaobabaxn0001 and id is 1 raw text is:

BY IL NOMPTROLLF. R GENERAL . IWO9

Report To The Congress

OF TH1 11UNITED STATES

Audit Of Saint Lawrence Seaway

Development Corporation Financial

Statements, Calendar Year 1979

GAO believes the financial statements of the
Saint ILawrence Seaway Development Corpo-
ration present fairly its financial position as of
Deceiiiber 31, 1979, the results of its opera-
tions, and the changes in financial position for
the 1979 calendar year.

Using current toll levels, the Corporation has
projected that beginning in 1983 it will not be
able to meet its revenue bond redemption
schedule, Cor)orate officials are trying to
determine the best way to meet financialneeds
in 1983. If debt restructuring occurs, it will
be the third time since 1970 that it has been
adjusted to permit the Corporation to meet
its obligations.

1 ii 111111111ilii
113097

7, ,CED-80-117

AUGUST 21, 1980