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Section 205
Section 5(g) of Public Law 95-348 authorized
“developrent, maintenance and operation"
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Park on Saipan. ‘The Government of the Northern Mariana Islands is
interested in developing the park as a memorial to those who died in
World War II fighting on Saipan and as a facility for recreation.
Section 205 of E.R. 3756 would provide for an
authorization
for maintenance and operation, and up to $3,000,000 for develogment.
The Administration supports section 205.
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Section 302
Section 302 would forgive the payment of interest by Guam on all funds
borrowed pursuant to the Guam Rehabilitation Act of Novenber 4, 1963,
and would apply interest already paid against principal owed.
The 1963 Act was designed to aid Guam in its rehabilitation after the
Gestruction of typhoon Karen in 1962. The aroomt originally borrowed
wer the authorization was $41,500,000.
Principal in the amumt of
$5,900,000 and interest in the amount of $18,000,000 have been paid by
.
Guam through May 15, 1979. If previously paid interest were corverted
to principal according to E.R. 3756, the principal outstanding would be
reduced fram $35,600,000 to $17,500,000.
The Administration continues to oppose debt forgiveness for Guam
Because valid existing debts should be repaid in order to affirm
the principle of fiseal responsibility.
2.
mmm ow te.
Section 303
Section 303 would extend from Decenher 3), 1980, to Decenber 31, 2010,
the loan € the Guam Power Authority fapprecdmately $36,000,000)
guaranteed by the Secretary of the Interior against the possibility
that the Guam Power Authority may not be able to refinance this
obligation in the private market by Decenber 31, 1980; provide for
repayitent throug the Government. ofGuam; am forgive interest to
the Qvernment of. Gum. -
wed
.
ay.
.
-
The Administration supports extension of the guarantee and loan.
However, as noted below, we favor modifying certain aspects of
this section.
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