Press Releases
March 17, 2010
Treasury Releases $10.8 Million in School Construction Bonds for Guam
Congresswoman Madeleine Z. Bordallo announced today the release of $10.8 million worth of low interest bonds for school construction on Guam. The American Recovery and Reinvestment Act provided for the Department of the Treasury to support the issuance of bonds for school construction by state and local governments. Instead of normal interest payments, those who buy the bonds will receive federal income tax credits making them essentially interest free for local authorities. Altogether, the Recovery Act provided for the Department of the Treasury to issue nearly $11 billion worth of these bonds.
“These funds come at a critical time for our public schools on Guam,” Congresswoman Bordallo stated. “Guam’s schools will be able to put these funds to use immediately on the many shovel-ready construction and renovation projects for our campuses. These improvements will enable the Guam Department of Education to improve our critical school infrastructure and create additional jobs at the same time. This is the latest example of how the Recovery Act has helped Guam make needed investments on our island.”