HAGATNA, Guam — A Guam lawmaker has introduced legislation to refinance the island government’s $343 million debt to raise funding for construction of a new Guam Memorial Hospital facility.
The Pacific Daily News, a Guam newspaper, reports Sen. Dennis Rodriguez Jr. introduced the bill on Monday.
The government debt was borrowed from bond investors in 2007. Rodriguez estimates the island government can save up to $45 million through refinancing.
His bill states the funds should be applied toward capital improvements in the form of construction of a new hospital facility. A location for a new hospital has not been set.
Rodriguez says the money saved in refinancing would be seed money to start the new hospital.
A legislative task force has been assembled to develop a plan for the project.