Nelson bill limits port from floating bond - KUAM.com-KUAM News: On Air. Online. On Demand.

Nelson bill limits port from floating bond

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In yet another attempt to find money for the cash-strapped government, Senator Telena Nelson has introduced a bill that blocks the port from floating a first-ever bond until it complies with a 1985 law which requires "payment in lieu of taxes." In a news release, Nelson calls it a fair and equitable way to assess property tax on autonomous government agencies, just like those levied on private businesses. She says "it's important that everyone contributes their fair share, especially in light of this financial crisis."

The Legislature recently passed a bill authorizing the Port to borrow up to $70 million for facility improvements.

Acting Port General Manager Felix Pangelinan says they oppose any attempt to delay the bond borrowing. He reserved further comment as they are still reviewing the bill's impact.

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