Bond signing held to avert UOG tuition hike
A bond closing ceremony was held this morning that would not only avert a tuition increase at the University of Guam, but provide cash for tax refunds and village capital improvement program projects.
By KUAM NewsGuam - A bond closing ceremony was held this morning that would not only avert a tuition increase at the University of Guam, but provide cash for tax refunds and village capital improvement program projects. UOG president Dr. Robert Underwood spoke during this morning's signing.
"And because money is really tight and the university of Guam is tightening its belt as well we wanted to stabilize the University at least for two years until such time they find other measures to save money of course and live within their means. It has not gone unnoticed in our efforts and accreditation and enhancing the reputation of the University of Guam in our own network of public universities, so this is a remarkable testimony to that and for that we're very grateful," he said.
Speaker Judi Won Pat authored the legislation that resulted in the refinancing. The $22.6 million dollar business privilege tax bond were sold to refinance the 1993 General Obligation Bonds at record low-interest rates resulting in $2.9 million in debt service savings along with $1.2 million in bond related cash to satisfy public law requirements.