Ridgell introduces Port financing bill

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(Port Authority of Guam photo)

Guam – Senator Clynton E. Ridgell has introduced Bill No. 149-35 (COR) “An Act to Amend Section 4(a) of Public Law 34-70 Relative to Financing or Refinancing Improvements and Capital Improvements Relating to the Jose D. Leon Guerrero Commercial Port and Other Related Facilities and Operations of the Jose D. Leon Guerrero Commercial Port Through Revenue Bond Proceeds.”

Bill 149-35 reprograms millions of dollars to go towards critical repairs needed for the infrastructure of the port’s piers. Specifically, the bill will reduce $17.5 million originally intended for a new PAG Administration building to $10.5 million and redirect the remaining $7 million for improvements to Golf Pier allowing a connectivity line to be installed at F-1 to allow discharged/loaded fuel to be routed to/from other petroleum fuel companies’ storage tanks.

The redirected funds will also be used to integrate the Terminal Operating System and Financial Management System and upgrade the Port’s current information technology system so accurate financial data on the expenses rendered to vessel operations and related services versus revenues received is known.

“The redirecting of these bond proceeds will allow the Port to make needed upgrades to revenue-generating facilities and allow its information technology system to more accurately track expenses and revenues,” said Ridgell.

“I have asked the Port to provide the Committee with certain information and assurances that the redirecting of funds is allowed by the indenture executed in June of 2018. Port General Manager, Rory Respicio, has provided the requested information. We have asked GEDA if the proposed reprogramming effort has passed the scrutiny of its bond counsel, and I have been assured that it does. My Committee has also informed the PUC of this legislation in keeping with the provision that the Port must work with the PUC on all projects in excess of $1 million or more.”

A public hearing on Bill No. 149-35 will be scheduled at the earliest possible date.