”In total, between 1955 and 1970, the port’s operating income went from $742,000 to $6.5 million (in 1970 dollars). Over the same period, the port issued over $50 million in bonds, returning between 4 and 6 percent interest. Nutter and the port had demonstrated remarkable foresight, positioning Oakland to be the Pacific Coast gateway in a new era of international commerce in ways the MOAP architects dreamed. Much of the port’s income, however, only indirectly benefitted the city. Required by charter to reinvest income in port facilities, the new waterfront giant could not contribute money to the city’s operating budget. Port bondholders, both individually and institutional, were scattered across the nation. Both conditions left the port oddly independent of the city that owned it, a fact that would frustrate a subsequent generation of Oakland activists.
From Robert Self’s American Babylon: Race and the Struggle for Postwar Oakland, p155:
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