$18,200,000
Capital Projects Finance Authority
Taxable Lease Obligation Revenue Bonds
(Capital Projects Loan Program)
Series 1998B


On June 16, 1998, the Authority issued its Series 1998B bonds in the amount of $18,200,000 to finance the construction of an elementary and middle school facility for Andersen Air Force Base on the Island of Guam.

Andersen AFB had committed to the relocation of military dependents onto the Base for purposes of education. However, Congress failed to appropriate funds for the construction of a permanent facility. The Authority financed the construction of an interim facility to provide educational facilities for Andersen’s K - 8 programs. Andersen has agreed, subject to annual appropriation by Congress, to lease the facility from the Authority for a period of three years, at which time, plans for permanent facilities are expected to be finalized.

The Series 1998B bonds were issued as taxable bonds because the security for repayment is in the form of an appropriation from the Federal government. The bonds carry a fixed rate of interest and mature in December, 2001.

The remaining outstanding bonds were defeased on November 30, 2000.