Guam – Vice Speaker BJ Cruz has introduced a bill that would refinance an existing bond obligation and provide funding for several community development and tourism related projects.
Bill 485 aims to use the bond proceeds to fund major projects like the construction of an educational cultural facility that would include a museum, and a performing arts and community cultural center.
“This is an opportune time to secure funding for these much needed projects as the interest rates in the capital markets are very attractive. Also, the funding source for debt service is the same as what is being used to fund the existing bond. There will be no further impact on government finances,” according to the Vice Speaker.
Visitor exit surveys show that tourists are disappointed in Guam’s lack of cultural attractions and that tourists would like to see and experience more of Guam’s culture and traditions. Guam will also host the 2016 Festival of the Pacific Arts and work must commence soon on a facility capable showcasing the visual and performing arts of the expected 2,000 artists from about 30 countries of Oceania.