by Mindy Aguon
Guam - Governor Felix Camacho and the Bank of Guam signed a $30 million loan agreement for the Guam Waterworks Authority. The loan is just the tip of the iceberg, providing a reserve, so the agency can proceed to the bond market in August for $118 million for infrastructure upgrades.
Interim GWA General Manager John Benavente says the projects are part of the agency's 20-year plan and the bond they anticipate getting in September will help pay for the first five years of that plan. Benavente says the best part, is customers will benefit from the upgrades.
"This is a big beginning for GWA to really we're trying our best to serve the public with the infrastructure that we have but now this injection into infrastructure you are going to see a difference," he said.
In 2012, the agency will go out to the bond market again for another $140 million. This funding is in addition to the $1.7 billion officials are trying to secure from the Department of Defense for infrastructure needs related to the military buildup.