6 Nov 2008

Guam says local government is going to have to borrow millions of dollars

11:26 am on 6 November 2008

The Governor of Guam said the local government is going to have to borrow at least 20 million US dollars on the bond market by year's end to make a court-ordered deposit to kick off the process of closing the Ordot dump.

Governor Felix Camacho met with Attorney General Alicia Limtiaco, Guam Delegate Madeleine Bordallo and members of the Guam Legislature in a round-table meeting yesterday on the issue.

The District Court of Guam ruled last month that a funding decision for the dump's closure is needed by December 1 and the $20 million deposit paid by January 5.

Court-appointed receiver Gershman, Brickner & Bratton says the money must go into a trust to ensure timely payments to contractors.

GovGuam's credit rating recently was upgraded to B-plus by credit rating agency Standard & Poor.