GBB makes $1.5M payment to GovGuam - KUAM.com-KUAM News: On Air. Online. On Demand.

GBB makes $1.5M payment to GovGuam

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by Sabrina Salas Matanane

Guam - The Government of Guam got a $1.5 million cash infusion today. It's part of money federal receiver Gershman, Brickner & Bratton owes the public sector as part of the 2009 bond to pay for the construction of the Layon landfill. A part of that agreement requires GBB through tipping fee collections to repay GovGuam for using Section 30 monies to pay the debt service on the landfill.

While the payment is typically a half-million monthly, the $1.5 million paid today accounts for payments due last December, January and February. GovGuam will receive $500,000 for the next nine months and $12 million annually for the next 23 years. 

The money can used for local government operations.

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