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FOD-76-18 1 (1976-07-28)

handle is hein.gao/gaobaabhx0001 and id is 1 raw text is: 



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REPORT TO


THE CONGRESS


BY THE COMPTROLLER GENERAL


OFur4ATWNITED STATES
;ENERAL ACCOUNTING OFFiP


JUL 28 1976


LM098226


    LIBRARY SYSTEM

Audit Of Financial Statements

Of Saint Lawrence Seaway

Development Corporation

Calendar Year 1975


Department of Transportation

This report includes GAO's opinion that
the financial statements of the Corporation
present fairly its financial position as of
December 31, 1974, the results of its oper-
ations, and the source and application of
its funds for the calendar years then ended.

Beginning in 1978 the Corporation has
projected that it will not be able to meet
its revenue bond redemption schedule as
currently structured. The Corporation may
ask the Secretary of the Treasury to alter
the bond maturity dates, seek legislative
cancellation of the debt, or ask the Con-
gress for appropriate funds.


At present the Corporation is studying the
various options to determine the appro-
priate course of action. The House Sub-
committee on Transportation, Committee
on Appropriations, has been informed of
the Corporation's financial situation.


FOD-76- 18 ZS. 197a


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FOD-76-18

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