Guam - Governor Eddie Calvo put pen to paper this morning ensuring that tax refunds will be paid out as he signed the Compromise Bond Bill which would authorize $100 million in bonds clearing the way for the payment of tax refunds along with giving him the option to use the proceeds for other purposes such as school repairs and purchase of school buses.

However, the signing of Bill 414 doesn't mean the money will be in the accounts tomorrow as Governor Calvo and his fiscal team still have to go through the whole bond process again which can take months. "The problem with the Series B is that it costs more because we split it into two and we still have to go through this process and with this process means going with the credit rating agencies, having these discussions with the credit rating agencies, seeing where we're at now, where we've come from and we also have to make presentations to potential investor," he said.

As he has previously mentioned, should they reach the full potential of getting the favorable interest rates, it may not even be enough to pay for all the tax refunds that are owed let alone even consider for other areas such as school repairs and buses. He and his team will head to the rating agencies in April and the bond market in June.