(a) For the purpose of facilitating the financing, design, construction, and maintenance of the new Department of Corrections encompassed by this Act, the Government of Guam is authorized to lease property that will be used for the new Department of Corrections, as required, to the contractor/developer and/or the Guam Economic Development Authority; provided, such property is in the inventory of the Government of Guam.
(b) The Government of Guam is also authorized to lease-back from the contractor/developer and/or the Guam Economic Development Authority the property for a period mutually agreed upon between the Government of Guam and the contractor/developer and/or the Guam Economic Development Authority as may be reasonably necessary to amortize the lease- back period of no more than thirty (30) years the cost associated with the design, construction, and maintenance of the new Department of Corrections. 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 § 90.308 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. 2021 NOTE: Subsection designations added pursuant to authority granted by 1 GCA § 1606.