by Jolene Toves
Guam - Topping discussions at today's Port board meeting the status of their effort to obtain a $10 million loan. The issue is currently before the Guam Legislature, Port board chair Dan Tydingco said, "There are some highlighted issues on the agenda namely the status of the loan legislation that we are trying to get sovereign of immunity waiver from the legislature."
Bill 86 was introduced to fulfill a prerequisite of a $10 million loan the Port is trying to secure with the Bank of Guam. Specifically the lending institution wants the assurance in law that should the Port default on its loan it can recover its money and not be limited by the Government Claims Act. Bill 86 would also provide protections to the Port in that it would prevent the bank from going after its real estate or assets.
The $10 million loan would allow the much needed upgrading and shoring up of the waterfront facility.