Legislation proposes options to meet $20 million Consent Decree mandate by January 2009
November 18, 2008
Governor Felix P. Camacho today
transmitted legislation that, if passed, would authorize the government of Guam to secure the financing needed to meet a Consent Decree mandate to deposit $20 million to a trustee designated by the Receiver, Gershman, Brickner & Bratton, Inc. by January 5, 2009.
The legislation submitted proposes the reprogramming of deficit financing bond funds and, as an alternative, authorizes the government to acquire a $20 million loan should market conditions prevent bond financing.
"Time is of the essence," Governor Camacho stated in his transmittal letter to the 29th Guam Legislature. "The Legislature must act quickly in the deliberation and disposition of the proposed legislation and enable the Administration to provide the Twenty Million Dollars ordered by the District Court of Guam."
