VIDEO: Governor Signs Bill Clearing Way for Approval of $10M Loan to Repair Port’s Damaged Wharf

154

Guam – In a ceremony at the Port of Guam this morning [Friday], Governor Eddie Calvo signed Bill #86 which clears the way for a $10-million dollar loan that will allow the Port to repair its damaged F-5 wharf.

An examination of the Port in 2011 found that the wharf  was in urgent need of repair because the pilings holding it up are “spalding,” the concrete is falling off, exposing the re-bar.

Governor Calvo called the repair of  the wharf critical saying the Port “is important for the people of Guam, and the people of Micronesia and for the strategic interests of the U.S. and its allies in this part of the world.”

 Bill #86 was authored by Senator Tom Ada and it waives “Sovereign Immunity”* which is a pre-requisite for the loan from the Bank of Guam.

READ Bill #86 HERE

Port Board Chairman Dan Tydingco said the $10-million dollar loan from the Bank of Guam will cover the cost of shoring up the wharf, extending its life for another 15 to 20 years.

The Port still needs to finalize the terms of the loan with the Bank of Guam and gain approval from the PUC.  Port General Manger Joanne Brown said the repairs to the wharf should begin before the end of the year,

*[ Sovereign immunity is a judicial doctrine that prevents a government or its political subdivisions,  from being sued without its consent. Granting  “Sovereign Immunity” will allow the lender to make a claim on GovGuam property to recover its loan if GovGuam defaults.]