San Francisco Mayor Gavin Newsom has announced that $36,650,000 in

Port of San Francisco revenue bonds have been sold to financial investors in

a transaction expected to close on February 3. The sale of the revenue bonds

will provide $10,000,000 for the design of a state of the art international

Cruise Terminal at Pier 27, $5,000,000 for urgent repairs to the Port's current

cruise terminal at Pier 35, and $8,000,000 for improvements to the Pier 90-94

Backlands, among other projects. The Series 2010 Revenue Bonds represent

the first issuance of new-money bonds by the Port since 1984.

"These investments will stimulate local job creation, position San Francisco

as a premier cruise destination, and build the Port's revenue base," said Mayor

Newsom. "The Pier 27 Cruise Terminal and a new, 2-acre public plaza along

the Embarcadero will welcome local residents and cruise passengers, allow

visiting vessels to berth emission-free while plugged into the Hetch Hetchy

power supply, and enliven the City's waterfront."

Mayor Newsom made the announcement at the maiden call of Cunard Line's Queen

Victoria at Pier 35 in January. The Queen Victoria is the second largest Cunarder ever built,

and her 99-day westbound circumnavigation will continue on to Hawaii. Queen Victoria's

Maiden Call to San Francisco, is her only U.S. inaugural call during her current world voyage.