Guam - Two bills aimed at designating where the second series bond proceeds will go went up for a public hearing. Up first Senator Ben Pangelinan's Bill 414 which aims to use the money to repair and renovate the islands public schools. The legislation also pays off the more than $20 million debt owed to the Government of Guam retirement fund. Although fund chairperson Joe T. San Agustin testified that Governor Eddie Calvo assured him it would be paid with the second bond proceeds he also supports Bill 414.
Bottomline for the fund, "Please don't let the fund get involved with your squabbles we want to get paid to the benefit of the 15,000 members of the Fund don't put these 15,000 members in your quabble between the legislature and executive fund pay us of and then we will step aside and you can fight all you want."
San Agustin added that if the Retirement Fund is not paid, he's been advised by Presiding Judge Alberto Lamorena to take GovGuam to court. As for Bill 423 which was co-sponsored by 12 senators, BBMR director John Rios, DOA director Benita Manglona and Rev & Tax director John Camacho testified in support of the legislation. The bipartisan measure would, like Governor Eddie Calvo had suggested, raise the debt ceiling by increasing the valuation formula for real property while lowering real property tax rates with no increase in liability for any real property taxpayer.
It also authorizes the second bond series to go to pay for 2011 income tax refunds.