GWA going to the bond market for $118M - KUAM.com-KUAM News: On Air. Online. On Demand.

GWA going to the bond market for $118M

Posted: Updated:

by Mindy Aguon

Guam - The Consolidated Commission on Utilities approved the Guam Waterworks Authority's budget for the coming year and plans are in the works to head to the bond market in a few weeks.  CCU chairman Simon Sanchez says the utility agency is attempting to borrow $118 million that will go toward various construction projects related to the stipulated order, fixing the system and repairing leaks. 

Officials will present their plan to ratings authority Moody's and Fitch in the hopes to receive an upgraded rating, which would result in lower interest rates.  Said Sanchez, "It's all part of a goal of beginning to borrow the money needed to fix the system; however, with the military buildup it looks like there's an opportunity to get significant money from the federal government.  So we may not have to borrow money in the future, at least in the immediate future."

While GWA's budget went up $13 million from this fiscal year, Sanchez says $62 million will be spent on repairs and maintenance, while $80 million will go toward capital improvement projects.

  • NEWS HEADLINESMore>>

  • Prutehi Litekyan looking for answers on NOVA issue

    Prutehi Litekyan looking for answers on NOVA issue

    A KUAM News investigative story about DOD contractor fined $100K by Guam EPA for spilling over 100 gallons of jet fuel and contaminating 500 tons of soil in Agana Heights and Harmon has caught the attention of local environmental justice group Prutehi Lit

    More >>

    A KUAM News investigative story about DOD contractor fined $100K by Guam EPA for spilling over 100 gallons of jet fuel and contaminating 500 tons of soil in Agana Heights and Harmon has caught the attention of local environmental justice group Prutehi Lit

    More >>
  • GEC banking on favorable weather for Super Saturday

    GEC banking on favorable weather for Super Saturday

    54,033 registered voters locked and loaded for Saturday's Primary Election. Today, the GEC began the process of transporting polling booths to polling sites around the island. While the GEC has been touting record voter registration for the Primary, in orMore >>
    54,033 registered voters locked and loaded for Saturday's Primary Election. Today, the GEC began the process of transporting polling booths to polling sites around the island. While the GEC has been touting record voter registration for the Primary, in orMore >>
  • Democrats sign unity pledge

    Democrats sign unity pledge

    With less than a week before the primary election, the Democratic candidates are committing to support the winning party candidates. All four of their gubernatorial teams have signed off on the unity pledge. Party Chairwoman Senator Regine Biscoe-Lee saysMore >>
    With less than a week before the primary election, the Democratic candidates are committing to support the winning party candidates. All four of their gubernatorial teams have signed off on the unity pledge. Party Chairwoman Senator Regine Biscoe-Lee saysMore >>
Powered by Frankly