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Governor Offers Alternative Approach to Million Dollar a Week Order |
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Proposed bill transmitted to Speaker Won Pat
January 29, 2009
Governor Felix P. Camacho today transmitted a proposed bill to the legislature that provides alternative financing options to meet the requirements set forth by the District Court and the Consent Decree regarding the closure of Ordot Dump and the opening of a new landfill.
One option outlined in the proposed bill is the "Guam Solid Waste Management System Revenue Bond Act," which allows for the issuance of solid waste management system bonds. According to the legislation, the bonds would be repaid by fees collected in the operation of solid waste management programs and, if needed, funded by Section 30 revenue.
Another proposal authorizes the use of lease financing and performance management contract tools. The "Guam Solid Waste Management System Lease Financing Act" states that costs associated with the lease would be paid back in periodic installments over a period of time determined by the legislature and the contractor.
The legislation also provides the option of combining any of the measures to achieve the most efficient and lowest cost financing, construction, operation and maintenance of the solid waste management system.
"The proposed legislation provides the government the flexibility to utilize the best, most affordable financing option to meet the timelines adopted by the federal court," Governor Camacho said. "These options are not mutually exclusive but rather could be combined to maximize government savings."
In a letter to Speaker Judith T. Won Pat, Governor Camacho thanked her and members of the legislature for their input on the proposed legislation. He urged continued cooperation between the administration and senators in addressing this important issue.
Governor Camacho encouraged the legislature to act expeditiously on this measure to avert the 1 million in cash deposits beginning March 1st as required by the receiver Gershman, Brickner & Bratton, Inc.
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