HAGATNA, Guam (AP) -- 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, (http://is.gd/OjOZx8) 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.