BOND CLOSES: $93 M IN TAX REFUNDS CHECKS TO BE MAILED TO TAX PAYERS TOMORROW
Governor signs BPT Series 2012B $108 M bond
FOR IMMEDIATE RELEASE
June 6, 2012
A total of $93 million in tax refunds for tax year 2011 and prior years will be mailed out to Guam taxpayers tomorrow. Governor Eddie Baza Calvo signed off on the Series B Bond this morning to pay tax refunds to Guamanians.
The bond was secured at a record low interest rate of 4.6%, replacing the previous record setting rate of 4.9% in December. The money will be transferred from New York to the Bank of Guam, the bond trustees, at midnight tonight.
“This nearly ends a 20-year journey to make good on the promises and duties of this government to her people. Paying tax refunds to Guamanians who were shortchanged for years was one of the first goals this administration set out to achieve and I’m proud to say that with collaboration and hard work, we’ve made it happen,” Governor Calvo said. “We needed to make some tough financial decisions and implement strict fiscal reforms. We made unpopular decisions but the long-term benefits are clear — we’re on the right course. We’re not only making sure we pay overdue tax refunds, we’re making sure this government never finds itself in a position where it can’t make good on its obligations — especially obligations owed to the people we serve.”
Governor Calvo also signed Bill No. 470, introduced by Senator Judi Guthertz, yesterday afternoon. This legislation authorizes the release of $33 million in tax refund reserves to help fund $22 million in tax refunds for those who filed their 2011 tax returns before the April 10, 2012 cut off date.
“I am very happy and excited,” Senator Judi Guthertz said. “I’m very grateful for the collaborative effort with the governor.”
“We went through a lot to get to this point but it’s clear we’re on the right path. We’re restoring investor confidence in our government and our ability to stabilize our finances even during these challenging times,” Governor Calvo said. “Most importantly, we’re restoring the people’s trust that this government will always serve their needs first.”
Contact Natalie Quinata at 475-9213 or 488-6013 for more information.
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