Senators continue talks about refunding GPA bond - KUAM.com-KUAM News: On Air. Online. On Demand.

Senators continue talks about refunding GPA bond

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Lawmakers working overtime this weekend, wrapping up six days of debate on the port authority's $72 million infrastructure improvement bond. That bill finally moving on to the voting file. On Monday, senators moved on to discussions on a bill to refund the power authority's $150 million bond. CCU Chairman Joey Duenas says they're looking at every way to save money, and this could help to avoid raising the base rate, saying, "We are not taking any money out of this deal to do other things. We are also not extending the maturity. So these bonds will be paid off in the same time frame, they don't add any more debt to GPA. All we're talking about at the end of the day is the $416,000, $417,000 in average annual savings."

While the base rate has not been raised since 2013, there have been incremental increases in the LEAC, or fuel surcharge, in response to rising oil prices. GPA will discuss this week another probable LEAC increase in February to make up for an estimated $18 million in under-recovery.

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