by Ken Quintanilla
Guam - A signing ceremony was held this morning to close the deal
for the Okkodo High School expansion project. The Bank of Guam signed the $21.8
million loan for the purchase of certificates of participation to fund the
project that will increase the schools capacity from 1,200 to 2,000 students.
Acting principal Rita Flores says the project will help fulfill
recommendations provided by the Western Association of Schools and Colleges,
saying, "So today marks a very exciting day for our faculty, staff,
administration, students and future students," she explained. "We do
have students behind us but unfortunately they won't be here when the actual
expansion occurs, but they are also excited because the expansion will fit the
undergraduates and our future students."
The Bank of Guam is financing the project at a fixed rate of 7%,
lower than the interest rate for the JFK High School financing, which will save
$1.5 million over the 17-year term. The expansion project meanwhile will also
include new traffic light signalization along with new athletic facilities
improvements, the development of a Freshman Academy and a special culinary
teaching facility.
The project is expected to be completed in 2014.
