Audit of Financial Statements of Saint Lawrence Seaway Development Corporation, Calendar Year 1976

The Saint Lawrence Seaway Development Corporation is the wholly-owned Government corporation created in 1959 to provide for construction, operation, and development--jointly between the United States and Canada--of the 27-foot-deep seaway between Montreal and Lake Erie. The Corporation has projected that beginning in 1978 it will not be able to meet its revenue bond redemption schedule as currently structured. The Governments of Canada and the United States are negotiating a toll increase, but it is unlikely that, even with the increase, enough revenues will be generated to resolve the Corporation's financial situation.