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Governor Signs COLA Class Promissory Note
March 5, 2008
Governor Felix P. Camacho today signed the Conditional Assignment of the Teleguam Promissory Note over to the
COLA Class retirees.
The Promissory Note was submitted to Governor Camacho for his signature by Attorney Michael Phillips at 5 p.m.
yesterday, March 4, 2008. The Governor signed the document this afternoon.
Attorney Phillips, who represents the COLA Class, sold the note to the Bank of Guam for $9 million, although the note
itself is worth a total of $15 million when it fully matures.
"I vetoed this measure due to serious concerns with the Legislation," Governor Camacho said. "I feel that the assignment
of this note prior to maturation amounts to a $6 Million loss to the government, the retirees and all the people of Guam."
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