Speaker Won Pat Pleased Governor Has Acted on Her Bill

218

Guam – Speaker and Education Committee Chair Senator Judi Won Pat issued the following release in reaction to the Governor’s decision directing GEADA to move forward on plans to expand Okkodo High School.

 

READ Speaker Won Pat’s release in FULL below:

PL 30-182 authored by Speaker Judith T. Won Pat allowed for the expansion of Okkodo High School to address overcrowding in the northern schools.  The public law authorized the government of Guam to issue a total of Twenty-One Million Eight Hundred Eighteen Thousand Dollars ($21,818,000) in Qualified School Construction Bonds (QSCBs) to finance the construction, rehabilitation, or repair  of public  school  facilities.

“I thank Governor Calvo for moving on this since passage of the law. The expansion will alleviate overcrowding in the northern schools which has always been a concern of mine. With other issues facing our public school system, there is always a ray of hope that shines through and this is one of them. Progress on this project should begin soon and with Mr. Jon Fernandez on board and the Guam Education Board’s cooperation, once again, our public school system can pride itself, even when facing seemingly insurmountable challenges, on making the most with what it has to work with.”

QSCBs  are  a  new  form  of bonds  authorized under  §  54F(d)  of the  Internal  Revenue  Code.  Issuers  of QSCBs  are  eligible  to receive direct payments from the federal  government, which offset a portion of the bond  interest  payments.  Under  current  market  conditions,  the  government  of Guam  can  realize  substantial  net  interest  costs  savings  by  issuing  QSCBs  over traditional  tax  exempt  bonds.

QSCBs were authorized by the  American Recovery and Reinvestment Act  of 2009 (ARRA).