Guam - The Guam Economic Development Authority's board of directors unanimously approved the sale of the 2011 Hotel Occupancy Tax Bond today. Administrator Karl Pangelinan says the bond is separated into three components: the retirement of the 1997 general obligations bond, the building of the Guam Museum, and project enhancement to attract visitors to the island.
He told KUAM News, "We go out to the bond market essentially with our underwriters and we price this out to the market there's a few things working against us and that's why timing is of the essences. The supply market now and the municipal bond market is volatile, so timing is key."
GEDA is scheduled to leave the end of this month to secure the more than $90 million bond.