Guam - It was earlier this month when legislation was signed into law related to waiving sovereign immunity for a loan previously authorized for the Port Authority of Guam. This was considered a major step in moving forward with the Port's $10 million loan with the Bank of Guam. General manager Joanne Brown expects the loan to be finalized in a few weeks once minor documentation requirements are addressed.
"We certainly have been anticipating that loan for quite some time and we're pleased that we're able to move forward because the bulk of that money will be spent on the refurbishment work that needs to be done to our F5 Wharf to ensure it's properly stabilized and will be useful for many years to come," she said.
She says once the funds are transferred to the port account, management can begin the process of announcing the F5 project and seeking a qualified contractor. The overall negotiations on the loan have already been agreed to with the design and repair work already in place.
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