Sale of HOT bonds to move forward - KUAM.com-KUAM News: On Air. Online. On Demand.

Sale of HOT bonds to move forward

Posted: Updated:

by Mindy Aguon

Guam - The Guam Economic Development Authority's board of directors met briefly this morning to iron out a procurement protest that resulted in a delay of the sale of Hotel Occupancy Tax (HOT) bonds. GEDA administrator Karl Pangelinan says the agency initially gave a pre-award of a trustee request for proposal to Wells Fargo, but while officials were in New York pricing the bonds, the financial institution realized it would be unable to have a local depository for the funds. 

Bank of Guam then filed a protest but today they were awarded the contract. Pangelinan says time is crucial so officials are looking to go back to the market as soon as possible.  He explained, "The inventory is light for us to number one, get the best rates; and number two, maximize our proceeds. We're glad that this process is completed with and bank of Guam is still in the pre award stage and it's not final until the bond closes and I think we're still on schedule for the end of this month."

Officials are hoping to head back to New York as soon as next week. The sale of the Hotel Occupancy Tax bonds is expected to generate more than $80 million that will be used to construct a Guam cultural and convention center as well as make repairs to various tourist attractions.

  • NEWS HEADLINESMore>>

  • Gubernatorial candidates face-off at GRMC healthcare forum

    Gubernatorial candidates face-off at GRMC healthcare forum

    This year's gubernatorial candidates faced off again in another forum, this time sponsored by GRMC. Healthcare was the focus, but the questions also covered a number of other topics. Dennis Rodriguez, Jr. said, "It doesn't matter if this is a private hospMore >>
    This year's gubernatorial candidates faced off again in another forum, this time sponsored by GRMC. Healthcare was the focus, but the questions also covered a number of other topics. Dennis Rodriguez, Jr. said, "It doesn't matter if this is a private hospMore >>
  • 45-year-old charged with stealing food truck

    45-year-old charged with stealing food truck

    A 45 year old man is behind bars charged with stealing a food truck. Anthony Peter Perez said he was only helping his nephew when he was confronted by police. The trailer reportedly belonged to a Mangilao family, but was located in Dededo. The truck is vaMore >>
    A 45 year old man is behind bars charged with stealing a food truck. Anthony Peter Perez said he was only helping his nephew when he was confronted by police. The trailer reportedly belonged to a Mangilao family, but was located in Dededo. The truck is vaMore >>
  • Regional monsoon weather won't directly affect Guam

    Bad regional weather won't directly affect Guam

    Get your umbrellas and rain gear out. A tropical disturbance south of Guam and moving west will leave us wet the rest of the week. National Weather Service Meteorologist Landon Aydlett said, "So the good news is it's not going to directly affect Guam andMore >>
    Get your umbrellas and rain gear out. A tropical disturbance south of Guam and moving west will leave us wet the rest of the week. National Weather Service Meteorologist Landon Aydlett said, "So the good news is it's not going to directly affect Guam and More >>
Powered by Frankly