by Sabrina Salas Matanane

Guam - Special session continued today regarding Bill 1-4-S or the governor's bond amendment assessing the home tax exemption relating to the government's ability to float the bond. Questions were fueled to Rev & Tax's John Camacho and governor's chief policy advisor Arthur Clark, who says without the amendment, if they intend on borrowing $244 million, would cut them $42 million short.

"So without this amendment, we can only borrow $202 million," he said, "and of course you take away the costs of issuance and fees and charges and take away the capitalized interests, we won't even have enough money to pay the $198 million tax refunds, which is in the bill and forget about the COLA, we won't even have any money for COLA at all."

Several issues were brought up including Chamorro Land Trust property and a possible end-around of going over the 90 percent debt ceiling. No action was taken today and special session continues Friday at two o'clock.