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Amendment introduced to guarantee funding mechanism for loan
Wanting to guarantee that the government of Guam won't default in paying back a $13.8 million loan to pay off a more than decade old streetlights debt, Senator Eddie Baza Calvo introduced an amendment to Public Law 29-82 today that would provide such a mechanism. Although the loan must be repaid on a monthly basis, Calvo's amendment would guarantee future Section 30 money and waive their immunity from legal action, in the event the government should default on paying off the loan to the Bank of Guam.
"Based on their advice, the legislature acted quickly and we anticipate the passage of this bill and signage of the governor so we can get this debt out of the way and work on other debts of the government of Guam," he said.
The government was supposed to pay off the streetlights debt to the Guam Power Authority on July 1.
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