$60M in tax refunds in the mail over next two weeks
May 24, 2012
About $60 million in tax refunds will be in the mail sometime over the next two weeks.
The administration successfully sold the Business Privilege Tax, Series 2012B Bonds.  The $108.7 million bond was sold at a new record low interest rate of 4.60% with bond proceeds to be transferred to the government by the bond closing date, currently scheduled for June 6. 
The 4.6% interest rate is a new record low, replacing the record low 4.9% interest rate the administration earned in December.
“It’s pretty obvious that we are doing things right with fiscal policy and the people’s money if the markets are willing to give us such a low interest rate,” Governor Eddie Baza Calvo said.  “We’re making good on a promise to pay back the people and we’re cleaning up the bad financial practices that have plagued this government for so long.  It’s a sign we need to press forward with our fiscal stabilization and deficit elimination strategies.”
The bond will fully satisfy GovGuam’s obligations to the Retirement Fund estimated at $25.1 million, to pay over $60 million for tax refunds for tax year 2011, approximately $18 million in health insurance payments and for other purposes. 
This story is developing. 
Please call Natalie Quinata at 475-9213 or 488-6013 for more information.

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