Title 17, Education

Designated. This Chapter may be cited as The University of Guam Revenue Bond Act of 1966. SOURCE: § 11850 GC. NOTE: The name College of Guam was changed to University of Guam by authority of P.L. 9-233:13.

The following terms wherever used or referred to in this Chapter or in any indenture entered into pursuant hereto, shall have the following COL120106 meanings, respectively, unless a different meaning appears from the context: (a) Governor means the Governor of Guam. (b) Director…

The Board, for the purposes of this Chapter, has power and is hereby authorized, in addition to and amplification of all other powers conferred COL120106 upon the Board by this Code or by any statute of the Territory or of the United States: (a) To acquire, subject to the laws of…

COL120106 The validity of the authorization and issuance of any bonds by the Board, with the approval of the Governor, is not dependent on nor affected in any way by: (a) Proceedings taken by or for or in lieu of the Board for the acquisition, construction or completion of any pr…

Provided by Indenture. The Board, with the approval of the Governor, shall issue revenue bonds in its name and as its obligation, but no bond issued or sold pursuant to this Chapter shall be or become a lien, charge or liability against the Territory or the Governor or against th…

The Board, with the approval of the Governor, shall determine the time, form and manner of the issuance of bonds. SOURCE: GC § 11850.5.

by Indenture. The Board, with the approval of I Maga =lahen Guåhan, may enter into indenture providing for the aggregate principal amount, provided that such aggregate amount authorized by this Act shall not exceed Twenty-five Million Dollars ($25,000,000), date or dates, maturit…

Indenture. An indenture pursuant to which bonds are issued may, with the approval of the Governor, include any and all such covenants and agreements on the part of the Board, the Territory, the Governor, the Director of Administration or any other officer or agency of the Territo…

The indenture pursuant to which the bonds are issued may designate a bank, trust company or other financial institution with trust powers to act as trustee for the Board and the holders of bonds issued hereunder, and the Board may authorize the trustee to act on behalf of the hol…

The Board, with the approval of the Governor, shall prescribe the duties and powers of the trustee with respect to the issuance, authentication, sale and delivery of the bonds and the payment of principal and interest thereof, the redemption of the bonds, the registration and dis…

COL120106 With the approval of the Governor, the Board may provide for one or several issues of bonds in series or may divide any issue into one or more divisions and fix different maturities or dates of such bonds, different rates of interest, or prescribe different terms and co…

One for the Other. Bonds may be issued as coupon bonds or as registered bonds. With the approval of the Governor, the Board may provide for the interchange of coupon bonds for registered bonds and registered bonds for coupon bonds, and may provide that the bonds shall be register…

Bonds shall bear interest at a rate of not to exceed eight percent (8%) per annum, payable annually or semi-annually, or in part annually and in part semi-annually. SOURCE: GC § 11850.12. Amended by P.L. 24-275:8.

Bonds may be callable upon such terms, conditions, and upon such notice as the Board, with the approval of the Governor, may determine, and upon the payment of such premium as may be fixed by the Board, with the approval of the Governor, in the proceedings for the issuance of the…

The Board, with the approval of the Governor, may provide for the payment of the principal and interest of bonds at any place in the Territory COL120106 or in the United States and in specified coin or currency of the United States. SOURCE: GC § 11850.14.

The Board, with the approval of the Governor, may provide for the execution and authentication of bonds by the manual, lithographed or printed facsimile signature of any one or more officers of the Board and by additional authentication by endorsement by the manual signature or a…

Bonds shall bear dates prescribed by the Board, with the approval of the Governor. Bonds may be serial bonds or sinking fund bonds with such maturities as the Board, with the approval of the Governor, may determine. No bond, by its terms, shall mature in more than fifty (50) year…

The Board shall cause to be prepared the requisite number of suitable bonds of the denominations and in accordance with the specifications contained in the indenture. SOURCE: GC § 11850.17. Repealed and reenacted by P.L. 24-275:9.

Bonds authorized to be issued under this Chapter shall be sold for cash, in accordance with the provisions of a resolution authorizing such sale adopted by the Board. Such resolution may provide that the bonds shall be COL120106 sold at either public or private sale, may fix term…

The Board may provide for the security of bonds. The Board may use and expend all or any part of any funds or proceeds of any property owned by it (including any moneys in the University Auxiliary Services Fund whether received by gift, appropriation or otherwise, if not restrict…

Bonds. All costs and expenses incident to the issuance and sale of bonds may be paid out of the proceeds of the sale of the bonds. Interest on bonds may be paid out of the proceeds of the sale of the bonds during the actual construction of any project for the acquisition, constru…

The Board, with the approval of I Maga=lahen Guahan may provide that the bonds and the interest thereon and the costs incurred in the issuance or administration thereof shall be secured by all or any part of the revenues. Any pledge made to secure the bonds shall be valid and bin…

Pending the actual issuance or delivery of bonds, the Board, with the approval of the Governor, may issue temporary or interim bonds, certificates or receipts of any denomination whatsoever, and with or without coupons, to be exchanged for definitive bonds when ready for delivery…

Coupons. The Board, with the approval of the Governor, may provide for the replacement of lost, destroyed or mutilated bonds or coupons. SOURCE: GC § 11850.23.

Bonds issued pursuant to the provisions of this Chapter and the interest or income therefrom are exempt from taxation in accordance with the provisions of the last sentence of § 1423a of the Organic Act [48 U.S.C.]. SOURCE: GC § 11850.24.

of Any Act. Notwithstanding any other provision of law, all bonds sold and delivered pursuant to the provisions of this Chapter are legal investments for all trust funds and for the funds of all banks, both commercial and savings, and may be deposited as security for the performa…

COL120106 The Board, with the approval of the Governor, may provide for the issuance, sale or exchange of refunding bonds for the purpose of redeeming or retiring any bonds issued under the provisions of this Chapter. All provisions of this Chapter, applicable to the issuance of …

be Issued. Funding or refunding bonds may be issued in a principal amount sufficient to provide funds for the payment of all bonds to be funded or refunded thereby, and in addition for the payment of all expenses incident to the calling, retiring or paying of such outstanding bon…

All bonds issued under the provisions of this Chapter are negotiable instruments, except when registered in the name of a registered owner. SOURCE: GC § 11850.28.

Maximum Amount to be Issued. Before issuing any bond or bonds, the Board shall by resolution, approved by the Governor, declare the purpose for which the proceeds of the bonds proposed to be issued shall be expended and shall specify the maximum amount of bonds to be issued or so…

The Board has full charge of the acquisition, construction and completion of authorized projects approved by I Maga=lahen Guahan and shall proceed with such work forthwith and may construct any project and acquire all property necessary therefor on such terms and conditions as th…

Declared in Favor of Bondholders; Tax Exemption. Title to all property acquired by or for the Board and the revenues and income therefrom is in the University. The title to any moneys, revenues, sinking funds, reserve funds and other funds created by this Chapter, and the income …

At all times the operation, maintenance, control, repair, construction, reconstruction, alteration and improvement of any project are vested in the Governor and the Board, subject to such authorized leases as may be permitted by any indenture. The Board shall comply with all appl…

The Board may use for the payment of the costs of acquisition, construction or completion of any project any funds made available to the Board by the Territory or any other funds provided from any source which are to be expended for the accomplishing of the purposes set forth in …

The Board may insure against loss of revenues from any cause whatsoever and the proceeds of any such insurance shall be used solely for the payment of bonds and the interest thereon. SOURCE: GC § 11850.34.

Matters Provided for in Indenture. The Board may insure against public liability or property damage. The Board may, with the approval of the Governor, provide in an indenture for the carrying of such insurance or any other insurance in such amount and of such character as it shal…

and Engrossing. COL120106 [Repealed] SOURCE: GC § 11850.36. Repealed by P.L. 24-275:14.

The Board, with the approval of the Governor, may include in an indenture such limitations as to competitive projects, both as to location and comparative rentals, as may be deemed necessary or desirable for the security of bonds issued pursuant to this Chapter. SOURCE: GC § 1185…

Subject to any limitations that may be prescribed by the indenture, the holder of any bond issued pursuant to this Chapter, may, by mandamus or other appropriate proceeding, require and compel the performance of any of the duties imposed upon or assumed by the Board, I Maga=lahen…

The indenture may create a fund designated as the University Construction Fund and may create one (1) or more accounts therein. The COL120106 proceeds from the sale of the bonds issued under the indenture shall be deposited in such fund or in such account thereof as may be specif…

The indenture may provide for the creation of a fund to be designated as the University Revenue Fund and may create one (1) or more accounts therein. All revenues pledged to secure bonds shall be deposited as provided in the indenture authorizing the issuance of such bonds and sh…

Monies in the University Construction Fund and the University Revenue Fund may be invested, subject only to such limitations as may be provided in the indenture providing for the issuance of the bonds. All interest or other investment earnings received pursuant to such investment…

Fund. [Repealed] SOURCE: GC§ 11850.46. Repealed by P.L. 24-275:20. NOTE: See Note to § 17102. COL120106

All money in the funds created by or referred to in the provisions of this Chapter is hereby appropriated for expenditure in carrying out the purposes herein provided. SOURCE: GC § 11850.47.

This Chapter shall be liberally construed to carry out the objects and purposes and the declared policy of the Territory as in this Chapter set forth. SOURCE: GC § 11850.48. ---------- COL120106