Bond sold; refunds to be mailed soon
About $60 million in tax refunds will be in the mail sometime over the next two weeks as the Calvo Administration successfully sold the Business Privilege Tax, Series 2012-B Bonds.
By KUAM Newsby Mindy Aguon
Guam - About $60 million in tax refunds will be in the mail sometime over the next two weeks as the Calvo Administration successfully sold the Business Privilege Tax, Series 2012-B Bonds. The $108.7 million bond was sold at a new record low interest rate of 4.60%.
Bond proceeds are expected to be transferred to the government by the bond closing date, currently scheduled for June 6.
The proceeds will be used to pay $25.1 million to the Retirement Fund, $60 million for tax refunds for tax year 2011, and approximately $18 million in health insurance.