GEDA makes final preps for $235M deposit - KUAM.com-KUAM News: On Air. Online. On Demand.

GEDA makes final preps for $235M deposit

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by Mindy Aguon

Guam - The Guam Economic Development Authority is finalizing everything to ensure that the island receives the $235 million in bond proceeds that will pay for the much anticipated tax refunds. GEDA administrator Karl Pangelinan says a ceremonial signing of the documents is scheduled for Thursday as bond counsel and the banks will be on island by Wednesday to give the documents one final review.

He told KUAM News, "Just a few signatures that we'll need to ink this deal completely and then again the call will be made at midnight and once that's done the ball will get rolling. We'll have the full $198 million for 2010 and prior for individuals, and there's roughly $17 million left for COLA and we'll be able to wipe out almost the entire balance."

Pangelinan says the money for COLA payments will be released to the Government of Guam Retirement Fund for its determination to process and distribute checks to retirees and their survivors.

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