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EX
2a
Section 203 changes the authorization of appropriation for the
American Memorial Park in Saipan from $3 million for the develop”
ment, maintenance and operation of the park to such sums as may be
necessary, but not to exceed $3 million for development. This is a tech-
nical changein the existing language, and does not represent any addi-
tional authorization. The Secretary already has the authorization to
provide operation and maintenance for the park in the Organic Act of
1916.
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Guam
Section 301 eliminates the prohibition on the payment of interest
to persons claiming compensation for their interest in lands where it
was determined that less than the fair market value was paid. No
awards lave been made to date. Although there is the potential for
additional payments by the government, the amount is not known at
this time.
.
Section 302 amends the act of November 4, 1963 by deleting the re-
quirement that Guam pay interest to the United States on funds paid
to Guam for water, power, and telephone projects, funds used by
Guam to permit Guam to qualify for participation in federal. pro-.
grams and other funds. All funds previously withheld as interest payments should be credited as reimbursement payments by Guam on the
principal amount advanced by the United States. To date, Guam has:
made approximately $18 million in interest payments on loans of $41
million with $5 million remaining to be drawn down. The remaining
interest forgone would total $30 to $40 million, and wouldhave been
paid at a rate of approximately $2.1 million annually. —
Revenue reduction:
Fiscal year:
1980
1981 _--_--_.
1952 __
1983 1984
-
:
.
--«
:
.
MiNions
$2.1
21
wene
_.
_
62
21
2.1
Section 303 provides that the Secretaryof the Treasury, in the event
that the Guam Power Authority is unable to refinance its indebtedness.
by December 31, 1980, shall extend its guarantee provision until De-
cember31, 1990. If the Guam Power Authority should fail to meetits
obligations, the Secretary of the Interior shall request the Treasury
Department to deduct such payments from sums collected and paid
to the government of Guam for taxes. Since the government of Guam
would ultimately have to assume any losses, this section would have no
net federal budgetary effect.
Section 304 waives certain standards for performance of new stationary resourees for the Guam Power Authority. This provision is
not expected to result in any additional federal expenditures,
Virgin Islands
Section 401 transferstitle of certain United States property in the
Virgin Islands to the government of the Virgin Islands. No current
estimate is available of the value of this property.
Section £02 provides that no extension, renewal or renegotiation of
the Icase of property on Water Island may be entered into without the