Guam – The governor signed off on the refinancing of a 1993 general obligation bond this morning creating savings that will be passed onto the University of Guam, the Mayors Council and island taxpayers.
The refinancing will save GovGuam about $4.2 million dollars $2.94 million of which will allow UOG to avert a tuition hike at least over the next two years. The remaining money will be split up between the mayor’s of Guam and the GovGuam tax reserve.
The refinancing was made possible through a bill written by Speaker Judi Won Pat and co-sponsored by Sam Mabini, Tina Muna Barnes and Aline Yamashita. “This will assist us in both averting a tuition increase for the University of Guam for I think two years and everyone knows our mayors in fact I wish there was one of them the representatives was here because our mayors are those grass roots elected leaders that do so much with so little so with this extra funding resource for the mayors we feel very very good that they will improve the quality of the lives of many of those that live in the villages around the island,” said Governor Eddie Calvo. “Because money is really tight and the university is of course tightening their belt as well we wanted to stabilize the university for at least another two years until such time that they find other measures to save money and live within their means,” said Speaker Won Pat.
The bond proceeds will allow GovGuam to provide funds to the mayors to match some Department of Interior capital improvement project funds. Each mayor could receive up to $50 thousand dollars for capital improvements in their village.