(a) Authorization for Tax Exempt Commercial Paper Program. The Public Utilities Commission PUC and the Guam Economic Development Authority GEDA have authorized the Guam Power Authority GPA to enter into a borrowing or financing program referred to as tax exempt commercial paper TECP. GPA is authorized to establish a tax exempt commercial paper program in accordance with the approvals of the PUC and GEDA. (b) Purposes: Terms of Borrowing. GPA is authorized to incur debt under the Tax Exempt Commercial Paper Program up to a limit of Fifty Million Dollars ($50,000,000). This amount may be used to replace
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the existing lines of credit. At no time will the total outstanding balance borrowed from TECP and lines of credit arising from operation and maintenance purposes exceed this amount without approval from the Public Utilities Commission. SOURCE: Added by P.L. 24-065:1 (Sept. 26, 1997). Subsection (b) amended by P.L. 24-143:17 (Feb. 27, 1998). Repealed and reenacted by P.L. 25-004:5 (Apr. 30, 1999). Subsection (b) amended by P.L. 28-116:2 (April 26, 2006).