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Follow on Google News | Senator Thomas Ada Proposes New Finance Agency to Fund Guam’s LED Streetlight UpgradeGuam Senator Thomas Ada has proposed a new bill to establish the Guam Streetlight Financing Authority to fund the island’s replacement of some 15,000 incandescent streetlights to LED.
By: ofweek Guam Senator Thomas Ada Senator Tom Ada Introduces Bill to Create the Guam Streetlight Financing Authority On Friday, November 22, 2013, Senator Tom Ada and Senator Rory Respicio introduced Bill 227-32, An Act to Create the Guam Streetlight Authority, a special purpose entity (SPE) with the sole purpose of financing the conversion of Guam’s incandescent streetlights to more energy efficient LED streetlights http://en.ofweek.com/ Ada states that, “this SPE, the Guam Streetlight Authority, is a creative approach to obtaining approximately US$16 million of financing to replace Guam’s 15,000 incandescent streetlight inventory with the more energy-efficient LED alternative.” “From the savings, the debt can be repaid and an additional 1,000 streetlights for all the villages can be purchased,” added Ada. This of course will require that GovGuam continues to appropriate the same amount of funds over the life of the debt, about 12-years, until the debt is paid off. The conversion of 15,000 streetlights throughout the island is expected to take about two (2) years. Based on recommendations from an energy efficiency study undertaken, the Consolidated Commission on Utilities (CCU), GPA’s governing Board, and the Department of Public Works have determined that it is in the best interest of the Territory to replace all streetlights on Guam with the energy-efficient LED streetlights. Ada states, “the streetlight conversion initiative will not result in a rate increase for GPA’s ratepayers”. Creation of the Guam Streetlight Authority will not entail any administrative costs for personnel or operations. Three commissioners of the Consolidated Commission on Utilities will constitute the three-member Board of Directors to manage the entity. The General Manager, Chief Financial Officer, Executive Secretary and Attorney of the Guam Power Authority will serve in the same capacity (ex-officio) more http://en.ofweek.com/ End
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