Receiver announces $1.4M for immediate use

by Mindy Aguon

Guam - Lieutenant Governor Ray Tenorio also attended this morning's status hearing with Gershman, Brickner & Bratton, where the federal receiver announced the availability of almost $1.5 million that is being reimbursed to the General Fund. "We could definitely use the money and we appreciate the information," said Tenorio.

"I think there is a condition that they have demonstrated from the Department of Administration that the debt service has been paid on it and in that case the $1.4 million could be used by the Government of Guam. Right now we could use all the money we can get especially with the downturn in the economy so that would go a long way to helping the people of Guam."

Tenorio says the Administration will also be monitoring the revenues will be sufficient to be able to pay back the debt service and the operating costs for the new Layon landfill.