$10.8M in bonds authorized to build schools

by Sabrina Salas Matanane

Guam - $10.8 million worth of low-interest bonds were released today for school construction on Guam. According to Congresswoman Madeleine Bordallo, the American Recovery and Reinvestment Act provided for the Department of the Treasury to support the issuance of bonds for school construction by state and local governments. 

Instead of normal interest payments, those who buy the bonds will receive federal income tax credits making them essentially interest free for local authorities, Bordallo saying Guam's schools will be able to put these funds to use immediately on the many shovel-ready construction and renovation projects for our campuses. 

These improvements will enable the Guam Department of Education to improve our critical school infrastructure and create additional jobs at the same time.