Authorization to Enter into Long-Term Leases

(a) For the purpose of facilitating the financing, design, build and maintenance of the Guam Twenty-First Century Healthcare Center encompassed by this Act, the Government of Guam is authorized to lease property that will be used for the Guam Twenty-First Century Healthcare Center, as required, to the Guam Economic Development Authority and/or the contractor/ developer sufficient Government of Guam real property; provided, that such property is in the inventory of the Government of Guam. (b) The Government of Guam is also authorized to lease-back the property from the Guam Economic Development Authority and/or the contractor/developer for a period mutually agreed upon between the Government of Guam and the Guam Economic Development Authority and/or the contractor/developer as may be reasonably necessary to amortize the lease-back period of no more than forty (40) years of the cost associated with the design, construction, and maintenance of the Guam Twenty-First Century Healthcare Center. In no event shall the end of such lease-back period be structured as an annually renewable lease with a provision for automatic renewals to the extent that pledged revenue under § 83109 of this Chapter is available. The lease-back shall not be construed as a debt under any applicable debt limitation under the Organic Act of Guam or Guam law. 2022 NOTE: Subsection designations added pursuant to the authority of 1 GCA § 1606.