GEDA board approves utility financing
by Nick Delgado
Guam - The Guam Economic Development Authority's board of directors met this afternoon and acted on two key items. Members approved $30 million for the Guam Waterworks Authority from the Bank of Guam.
$5 million will go toward projects for sewer connections to GWA public sewer system as approved by the Consolidated Commission on Utilities back in Fiscal Year 2008. $25 million will fund the Operations and Maintenance Renewal and Replacement Reserves Fund as required by the 2005 bond indentures.
The board also approved the authorization for the Guam Power Authority to issue a $237 million bond to fund a series of capital projects.
Pending approval from the Public Utilities Commission, the pricing of the bonds is tentatively scheduled for June 14 with the bond closing anticipated before the end of June 2010.