GovGuam employees, officials support borrowing bill
More than a dozen people Friday morning testified in support of a bill that would give Gov. Eddie Calvo the authority to borrow money each year so his administration can speed up the payment of tax refunds.
Calvo, who said he wants to pay refunds within weeks instead of months, submitted a bill to the Legislature last month that would allow his administration to borrow $75 million a year, beginning this year, through fiscal 2019.
The governor’s fiscal team has said the annual loan, or Tax and Revenue Anticipation Note, would be repaid by the end of each fiscal year, on Sept. 30, with funds the government would have used to pay tax refunds.
Lawmakers were supposed to consider the bill during a special session called by Calvo last Friday, but they postponed deliberations until the Legislature’s appropriations committee could hold a series of public hearings on it.
Read more: http://www.guampdn.com/story/news/2017/05/05/govguam-employees-officials-support-borrowing-bill/101319124/