VIDEO: GPA’s Bond Funding Bill #207 Advanced to 3rd Reading File

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Guam – Lawmakers spent most of the day Friday in the “Committee of the Whole” reviewing Senator Ada’s GPA revenue bond bill.

Bill #207 would allow GPA to borrow up to $95-million dollars. Some Senators questioned the debt GPA is taking on and the impact that may have on rate payers.

GPA General Manager Kin Flores and CCU Chairman Simon Sanchez spent the morning fielding questions and assuring lawmakers that the GPA can handle the debt load.

Sanchez said most of the rate hikes necessary to service the debt are already in effect. He said one more rate hike of about 2% this year should be the last one until 2019.

Following the “Committee of the Whole”, session resumed and lawmakers voted to move Bill # 207 into the third reading file..