Last Updated on Wednesday, 09 November 2011 16:42 Written by Betsy Brown Wednesday, 09 November 2011 16:37
Guam News - Guam News
Guam - The Governor's Office remains confident that tax refunds owed to residents will be paid before Christmas.Governor Eddie Calvo and his Fiscal Policy Team are currently off island to market and sell bonds to allow GovGuam to payout most of the tax refunds owed to residents and make COLA payments.
Governor's Spokesman Troy Torres says the team has been marketing the bonds in Boston and will go to New York to sell them tomorrow.
Torres says investors have been showing a lot of interest thanks to the financial rating of an “A with a stable outlook” awarded to GovGuam by Standards & Poors last week.
“So far investors have been very excited, very happy with the information the Governor's been giving them,” said Torres. “The Governor's been leading these discussions talking to investors about all of their questions on the Governor's Fiscal Policies, Economic Development Initiatives, Visa Waiver Programs, and all those things that they're looking for to see what kind of market they're going to enter into. “
The Governor's office is hopeful that the positive financial rating and interest in the bond sale will result in a low interest rate for the repayment of the bonds.
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