Guam - More money for tax refunds and a tuition hike has officially been averted at the University of Guam, as 1993 General Obligation Bonds were refinanced in New York today. The refinancing lowered the government's interest rates on its older bonds from 5.4% to 1.69% . The governor's fiscal team was able to successfully sell the bonds and achieve $2.9 million in debt service savings.

Additionally, $1.2 million of bond related cash was freed up and will be released to satisfy public law requirements.