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Governor Authorizes $20 Million Landfill Financing |
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Governor's legislation provides additional finance security options
December 15, 2008
Governor Felix P. Camacho today signed PL 29-124 authorizing the financing of a $20 million loan to meet a deadline set by the U.S. District Court regarding the closure of the Ordot Dump and the construction of a new landfill.
The new law stipulates the loan shall be identified as a general obligation of the government of Guam in addition to pledging Section 30 revenues to secure financing options.
"Complying with the Consent Decree is a serious matter the Administration is working diligently to manage despite the many challenges we face. I urge the legislature to recognize that working together is critical to ensuring that we meet the conditions set forth by the court order in a timely manner," Governor Camacho said. "More importantly, it is our responsibility to provide the people of Guam with safe and reliable solid waste management now and into the future."
PL 29-124 also allows principal payments to be paid over 20 years should obligations not be covered by revenue bond proceeds.
The government of Guam was put into federal receivership in January for non-compliance with a federal Consent Decree that mandated the closure of the Ordot Dump after more than two decades of violations of the Clean Water Act.
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