By Mar-Vic Cagurangan
Variety News Staff

GOVERNOR Felix P. Camacho says he hopes for a quick decision on the bond borrowing case which was heard Tuesday by the U.S. Supreme Court in Washington, D.C.
"The Supreme Court’s questions clearly indicate that the justices understand the importance of this issue to Guam and I am hopeful that we will receive a decision to resolve this matter," a press release from the governor’s office quoted Camacho as saying.
One of the issues argued by lawyers before the justices was whether or not the appeal period exceeded the 90-day limit set by the Organic Act.
The governor is accompanied by his chief of staff, George Bamba, in the nation’s capital. Arguing the case on his behalf was Beth Brinkman, a partner at the international law firm of Morrison and Foerster LLP.
Brinkman said the justices had shown interest not only in the legal aspect of the case but its practical implications as well.
"They realize the importance of this case to Guam and asked specific questions of both sides to further understand the issue," a press release quoted Brinkman as saying.
The Camacho administration is banking on the bond borrowing initiative to pull the government of Guam out of financial mess.
"We have made great strides in the last four years in improving the economy and Lt. Gov. Mike Cruz and I look forward to continuing the economic progress of our island throughout the next four years," Camacho said.
In last week’s interview, Bamba said the administration is depending on the bond market to settle all of GovGuam’s outstanding obligations, which were estimated at $401 million as of last year.
Last year, the administration came up with a new bond-borrowing proposal for $300 million to consolidate all government debts, including unpaid tax refunds, un-remitted retirement dues for employees of the hospital and the Guam Public School System, the $90 million earned income tax credit settlement, and unpaid bills. The proposal, however, was killed by the 28th Legislature.