With the state of the world credit market, Senator Jim Espaldon has introduced legislation that would essentially authorize emergency financing options for the Guam Waterworks Authority allowing for operations to run efficiently and orderly.  The bill is needed because the agency's bond underwriters revealed that it would be unlikely to issue bonds in the near future thereby making the declaration of an emergency inevitable. 

According to Bill 397, with a moratorium on new development in central Guam in place, it would make it difficult for the agency to secure funding to make the necessary improvements needed to lift the ban and promote economic development.