CCU to discuss $5.1M settlement Tuesday - KUAM.com-KUAM News: On Air. Online. On Demand.

CCU to discuss $5.1M settlement Tuesday

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by Janjeera Hail

Guam - The Consolidated Commission on Utilities will be discussing several issues involving the Guam Waterworks Authority and the Guam Power Authority when they meet tomorrow. One of the big items on the agenda includes what to do with the $5.1 million portion of a settlement between the feds and the Bank of America.

The bank was ordered to pay out millions to state government agencies across the country after engaging in bid rigging contracts dealing with the municipal bond markets. According to CCU chairperson Simon Sanchez, commissioners will also discuss the construction of a new consolidated office, saying, "It won't allow us to consolidate everything, but it will allow us to have our own building. GPA currently rents its main headquarters in Harmon and that amount used for rent can be used to pay off this loan and give us a place to call home on a permanent basis."

Tuesday's CCU meeting is scheduled for 5:30pm in Harmon.

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