THE Commonwealth Ports Authority can now use seaport income to fund airport operations after Gov. Arnold I. Palacios on Thursday approved House Bill 24-17, which grants the autonomous agency more flexibility in spending seaport revenues.
Authored by Speaker Edmund S. Villagomez, H.B. 24-17 is now Public Law 24-4. It reflects the final version drafted by the bicameral conference committee last month after the House rejected the Senate’s version in May. The new law also includes the restoration of CPA employees’ regular full-time work hours.
P.L. 24-4 suspends, for five years, the provision of P.L. 2-48 that restricts the use of airport and seaport funds. The law allows CPA to use “all income, revenue, or funds of whatever nature arising out of or derived from activities in connection with or from the use of the seaports” under CPA’s control for airport-related activities — contingent upon meeting these conditions:
– Any transfer or expenditure of seaport funds must first be used to restore the regular full-time work hours of all CPA employees.
– All transfers or expenditures must comply with applicable federal grant assurances, bond indentures, and other binding legal obligations.
P.L. 24-4 states that this flexibility in the use of seaport funds will allow CPA to supplement revenue shortfalls between its port facilities to ensure operational continuity and financial stability.
