Water System Revenue Bonds

(a) Authorization of Issuance of Water System Revenue Debt. I Maga’hågan/Maga’låhen Guåhan is authorized to create a debt or debts of the government of Guam in aggregate principal amount not to exceed Fifty-Three Million Dollars ($53,000,000) for a maximum term of twenty (20) years for the purpose of implementing the Water System Projects enumerated in subsection (k) of this § 1508; provided, however, that (1) the terms and conditions of the debt or debts shall be approved by I Liheslatura by statute; and (2) any debt or debts shall not cause a violation of the debt limitation provisions of 48 U.S.C.