GVB to refinance '97 revenue bond - KUAM.com-KUAM News: On Air. Online. On Demand.

GVB to refinance '97 revenue bond

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by Mindy Aguon

Guam - The Guam Visitors Bureau is banking on the proceeds of refinancing a 1997 revenue bond to fund several upgrades and repairs that will be made to the tourism district and other culturally significant areas around the island. The signing of Bill 45 into law provided a mechanism in which GVB can refinance its bond.

In doing so, the agency hopes to see bond proceeds of $60 million by March. $27 million of that amount will go toward the construction of the Guam Museum, other projects include renovating the Plaza De Espana, revitalizing Hagatna and more.

GVB deputy general manager Ernie Galito told KUAM News, "[It will] also fix some of the storm drainage problems that we've had in Tumon and also illuminate all the streetlights so they're all in proper working order so it gives good visibility at night for our visitors as well as our residents who drive along San Vitores Road and also put a lot of infrastructure building for tourism as well as our residents throughout the island most importantly in the southern villages."

GVB hopes to price the bonds at the end of the month.

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