by Krystal Paco
Guam - Island leaders propose another bill to avert a tuition hike at the University of Guam. Senators Sam Mabini and Aline Yamashita authored Bill 526, which seeks to refinance the 1993 general obligations bond without expending the life of the bond. Mabini says the savings would total $400,000 a year for the next seven years, differentiating it from Speaker Judi Won Pat's recently proposed Bills 523 and 524.
Senator Mabini said, "There's a difference between the financing on her bill and the structure on mine. Fortunately with my bill I was able to get the clear guidance from the bond council making sure that the refinancing of these particular general obligation bonds would get the best and lowest percentage yield possible to bring in the most savings to GovGuam."
Bill 526 would give a million to UOG, $500,000 to support new research initiatives at the School of Education for social-related issues and the remainder to tax refunds. The bill also authorizes 2010 bond proceeds from the Guam Waterworks Authority to support a booster pump project needed at the Gill-Breeze Subdivision in Yigo.