Guam - Governor Eddie Calvo has called the 32nd Guam Legislature into a special session tomorrow.
In a letter to Speaker Judi Won Pat today, Calvo asks for consideration on legislation that would authorize the Guam International Airport Authority to refund its 2003 revenue bonds at the same maturity date, thus realizing substantial debt service savings. He says the measure is substantially similar to Bill 129 previously introduced by Senators Tina Muna Barnes and Chris Duenas.
Calvo further adds the bill adds up to $110 million in capital improvement projects which would have no adverse impact on the general fund. He adds GIAA presently pays an annual bond insurance premium of $820,000 saying that if the airport does not refund its 2003 bonds and does not issue a call notice to current bond holders by August 30, GIAA will not be able to avoid the bond insurance payment.
Special session is set for 10am at the Guam Legislature.