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Funds to finance landfill, COLA payments

HAGÅTÑA, Guam (Pacific Daily News, June 4, 2009) - Gov. Felix Camacho has successfully sold bonds to pay for local tax refunds, overdue cost-of-living adjustments and the replacement for the Ordot Dump today, according to a press release from his office.

The bonds amount to $473.5 million, the release states. The bonds include $270.1 million of general obligation bonds and $202.4 million of limited obligation bonds.

According to the release, Camacho is "extremely pleased that the market recognized the government’s improved fiscal discipline and Guam’s positive outlook for the future."

"As a result, the successful issuance of these bonds addresses long overdue commitments to the people of Guam by funding tax refund payments, COLA, and the construction of a new landfill and will ensure stability for future generations," Camacho said, in the press release.

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