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7345529
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Signing of H.R. 13679 - Guam Power Authority guarantee [Bill]
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document
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1
Source metadata
id
7345529
sourceUrl
contentType
document
title
Signing of H.R. 13679 - Guam Power Authority guarantee [Bill]
citationUrl
collections
White House Press Releases (Ford Administration)
Press Releases
subjects
U.S. House of Representatives. (03/04/1789 - )
Legislation
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7345529
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day
3
logicalDate
1976-09-03
month
9
year
1976
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nara-archive
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1
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bac17bce8ea27744
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Digitized from Box 30 of the White House Press Releases at the Gerald R. Ford Presidential Library
Septemer 3, 1976
Office of the White House Press Secretary
NOTICE TO THE PRESS
The President has signed H.R. 13679 7 Guam Power Authority guarantee.
This bill authorizes the Secretary of the Interior to guarantee not more than
$36 million in obligations for the Guam Power Authority.
The Guam Power Authority (GPA) is a public utility which was created by the
Territorial Government of Guam as the sole electric power supplier for the
entire island including the needs of the U.S. Defense Department.
H.R. 13679 will authorize:
- the Secretary of the Interior to guarantee for purchase by the Federal
Financing Bank bonds or other obligations, in an amount not to exceed
$36 million, of the Guam Power Authority which mature on or before
December 31, 1978;
- interest rates, as determined by the Secretary of the Treasury, at levels
equivalent to comparable Treasury issues, plus one percent per annum
(only interest payments would be required until the guarantee is terminated),
- repayment of interest and/or principal, if necessary, through deductions
from (a). Federal income taxes and customs duties that are collected from
Federal employees and their dependants during their residency in Guam
and subsequently returned to the Government of Guam, and (b) any con-
gressional appropriation which would otherwise go directly to Guam; and
- the Secretary to place any stipulations he deems appropriate on any bond
or obligation he guarantees.
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