Senators deliberate bill to borrow $72.6 million for Port modernization

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Senators were in the committee of the whole today discussing Senator Frank Aguon Jr.’s bill 157 which would allow the Port Authority of Guam to borrow money via revenue bonds to fund some port modernization projects.

The bill originally allowed the port to borrow up to $80 million dollars on the bond market for capital improvement projects. However, it was changed in committee and hit the floor with a $65 million-dollar figure.

Lawmakers actually began discussions on the bill yesterday (Monday). Port officials told lawmakers then that they need to borrow $80 million because the cost of construction for the projects may increase and tax reforms that the U.S. Congress is currently considering could affect the bond interest rates. Today (Tues.), Senator Frank Aguon Jr. proffered an amendment that would raise the borrowing amount back up to $80 million. However, after debate on the session floor senators finally agreed on a $72.6 million-dollar figure. Senators will continue deliberating on the measure tomorrow (Weds.) morning.