Title 5, Government Operations

A copy of any contract under which a payment may be made shall be submitted to the Department of Administration for filing, recording and registration. The Director of Administration shall cause a register to be kept of all such contracts with subsequent amendments, which registe…

Whenever appropriations have been made for any fiscal year, contracts and purchase orders may be executed and charged against such appropriations at any time prior to the beginning of the fiscal year; provided, however, that no payments shall be made pursuant to such contracts or…

I Maga’lahi (the Governor) is authorized to enter into agreements with the United States of America, or any agency or instrumentality thereof, for the furnishing by the government of Guam of services, including labor and use of equipment, on a reimbursable basis. All proceeds der…

An officer or agent responsible under the government for property will be charged for any damage (beyond ordinary wear and tear) or loss, or destruction of the same, unless he shows to the satisfaction of the Director of Administration, by affidavit or depositions, or by report o…

(a) There is within the government of Guam a Board of Survey which shall be composed of five members appointed by the Governor with the advice and consent of the Legislature. The Board of Survey shall meet within fifteen days after preparation of a listing of surplus and lost pro…

Notwithstanding the provisions of § 22702 of this Article, rules and regulations promulgated thereunder, or any other law or administrative provision, any agency, department, or instrumentality of the government of Guam is authorized to donate books or other educational materials…

(a) The Governor is authorized to acquire on behalf of the government of Guam, by lease or lease-purchase agreement, office space and other facilities for the purpose of providing office and other space for the departments and agencies of the Judicial and Executive Branches of th…

Service. (a) Availability for Adoption. The Director of the Agency concerned may make a working animal of such Agency available for adoption by a person or entity referred to in Subsection (c), unless the animal has been determined to be unsuitable for adoption under Subsection (…

Authorization of Issuance of Bonds or Making of Loans to Pay Refunds. In order to fund the payment of income tax refunds due to local taxpayers, the Governor of Guam is authorized to either (i) enter into one (1) or more loan agreements with local banks, as provided in § 22825, o…

The Bonds shall have an aggregate principal amount at any one time outstanding not to exceed Forty-Five Million Dollars ($45,000,000); provided, however, that the issuance of the Bonds shall not cause a violation of the debt limitation provisions of the Organic Act of Guam (48 U.…

Certificate. The Governor has assured the Legislature that interest rates in the nation’s capital markets are more favorable than the current six per cent (6%) required to be paid on income tax refunds owed, and that such rates vary between three and nine-tenths percent (3.9%) an…

Revenues. Any Bonds authorized by this § 22811 shall constitute valid and binding general obligations of the government of Guam, which pledges its full faith and credit for the punctual payment of both principal of and interest on the Bonds. There shall be collected annually in t…

There are hereby appropriated from the General Fund such sums as will equal in each year the amount of money necessary to pay the principal of and interest on the Bonds.

Nothing in this § 22811 shall be construed to prevent the government of Guam from issuing, pursuant to appropriate enabling legislation, other obligations of the government secured with the Bonds by the general obligation of the government on a parity with the Bonds authorized by…

Notwithstanding any substantive or procedural provision of Chapter 6, Title 5, Guam Code Annotated, the government of Guam hereby waives immunity from any suit or action in contract on the Bonds, but does not waive sovereign immunity as to the personal liability of elected or app…

ries. The technical form and language of the Bonds including provisions for execution, exchange, transfer, registration, paying agency, lost or mutilated Bonds, negotiability, cancellation and other terms or conditions not inconsistent with this § 22811, shall be as specified in …

The Governor is authorized to enter into such contracts or agreements with such banks, insurance companies or other financial institutions as he determines are necessary or desirable to improve the security and marketability of the Bonds issued under this § 22811. Such contracts …

Proceeds from the sale of the Bonds shall be used for the purpose for which the government of Guam is authorized to use and expend moneys as set forth in § 22812 and for payment of expenses relating to the authorization, sale and issuance of the Bonds, including, without limitati…

No employee or appointed or elected official of the government of Guam shall be individually or personally liable for the payment of any amounts due on any of the Bonds issued under this § 22811, or for any other liability arising in connection with the Bonds; provided, however, …

In view of the urgency for the issuance of the Bonds, at any time such issuance may be necessary, the Governor is hereby authorized to utilize such method as he deems appropriate for the selection of all participants in connection with the issuance and sale of the Bonds, includin…

Subparagraph (k) of § 2103 of Title 12, Guam Code Annotated, provides that agencies and instrumentalities of the government of Guam shall issue obligations only by means of and through the agency of GEDA, and that GEDA shall not sell any obligation without the approval of the Leg…

The Governor of Guam shall undertake his best efforts to cause a portion of any Bonds issued pursuant to this § 22811 to be offered for sale in Guam, if and to the extent that such offer and any sales resulting from such offer do not increase the cost to the government of Guam of…

As authorized in this § 22811, the Governor is authorized to enter into loan agreements with local banks for the purpose of paying income tax refunds owed to taxpayers (the Loans). The terms and conditions of the Loans shall be as negotiated by the Governor except that (a) the in…

Revenues. The Loans authorized by this § 22811 shall constitute valid and binding general obligations of the government of Guam, which pledges its full faith and credit for the punctual payment of both principal of and interest on the Loans. There shall be collected annually in t…

There are hereby appropriated from the General Fund such sums as will equal in each year the amount of money necessary to pay the principal of and interest on the Loans.

Notwithstanding any substantive or procedural provision of Chapter 6, Title 5, Guam Code Annotated, the government of Guam hereby waives immunity from any suit or action in contract on the Loans, but does not waive sovereign immunity as to the personal liability of elected or app…

The form and language of the loan agreements supporting the Loans including provisions for execution, negotiability, termination, defaults, and other terms or conditions not inconsistent with this § 22811, shall be as negotiated by the Governor authorizing their execution. The Go…

Proceeds from the Loans shall be used for the purpose for which the government of Guam is authorized to use and expend moneys as set forth in § 22812 and for payment of expenses relating to the negotiation and execution of the Loans, including, without limitation, costs of reprod…

No employee or appointed or elected official of the government of Guam shall be individually or personally liable for the payment of any amounts due on any of the Loans made under this § 22811, or for any other liability arising in connection with the Loans; provided, however, th…

Subparagraph (k) of § 2103 of Title 12, Guam Code Annotated, provides that agencies and instrumentalities of the government of Guam shall issue obligations only by means of and through the agency of GEDA, and that GEDA shall not sell any obligation without the approval of the Leg…

In paying the income tax refunds due to Guam taxpayers, the government of Guam may utilize only one (1) of the two (2) alternatives authorized by this § 22811: Either the Bonds or the Loans, but not both, and shall choose that alternative that is determined to be the less expensi…

Whether the Bonds or the Loans are utilized, the maximum borrowing under either shall not exceed Forty-Five Million Dollars ($45,000,000).

In the event the proceeds of either the Bonds or the Loans are in excess of the amounts needed to pay all the tax refunds due and to pay for the costs of issuance and administration of such Bonds or Loans, such excess shall only be used to redeem the Bonds or to repay the Loans. …

There is hereby created, separate and apart from the other funds of the government of Guam, a reserve fund known as the “Rainy Day Fund.”

The Rainy Day Fund shall not be commingled with the General Fund or any other fund of the government of Guam. The Rainy Day Fund shall be maintained in a separate bank account.

The Rainy Day Fund shall be expended by appropriation by law for the following purposes: (a) eliminating or reducing any General Fund deficit existing at the end of a fiscal year substantially resulting from an unexpected, substantial decline in revenues received or due to the Ge…

All funds appropriated pursuant to § 22436, Chapter 22, Title 5, Guam Code Annotated, shall be deposited in the Rainy Day Fund. However, no deposits to the Rainy Day Fund shall be made if the Fund’s assets exceed ten percent (10%) of the average gross operating requirements funde…

The Director of Administration shall account for and administer the Rainy Day Fund. The Director shall keep all books, records, files and accounts of the Rainy Day Fund. The Director shall prepare quarterly reports relative to the Rainy Day Fund reflecting the transactions and th…

The Director of Administration shall invest money held in the Rainy Day Fund in any type of investment approved for the Retirement Fund. All proceeds and income from investments of the Rainy Day Fund shall be deposited in the Rainy Day Fund. SOURCE: Added by P.L. 22-024:7 (Aug. 3…

The following terms shall have the following meanings when used in this Article: (a) Hotel tax revenues means all revenues derived from taxes of the type now imposed by § 30101 of Chapter 30 of Title 11 of the Guam Code Annotated. (b) Infrastructure improvement project means any …

Infrastructure Improvement Bonds. The Governor of Guam is authorized to issue on behalf of the Government an issue of bonds of the Government consisting of refunding bonds and new money bonds, subject to the following requirements and limitations: (a) The issuance of the bonds sh…

The bonds of the new issue shall be limited obligations of the Government payable from and secured by a pledge of all or any part of the hotel tax revenues. Any pledge made to secure the bonds shall be valid and binding from the time the pledge is made. The hotel tax revenues rec…

Form of Bonds; Covenants; Appointment of Fiduciaries; Other Related Agreements. The terms and conditions of the new issue shall be as determined by the Governor by the execution of an indenture authorizing the issuance of the issue. The indenture shall contain such terms and cond…

The Governor is authorized to enter into such contracts or agreements with such banks, insurance companies or other financial institutions as he determines are necessary or desirable to improve the security and marketability of any bonds authorized by this Article. Such contracts…

Revenue. The bonds of the issue authorized by this Article shall constitute the valid and binding limited obligations of the Government. All officers charged by law with any duty in the collection of any revenues from which debt service on the issue is payable shall do every lawf…

Notwithstanding any substantive or procedural provision of the Government Claims Act, Chapter 6 of Title 5 of the Guam Code Annotated, the Government waives immunity from any suit or action in contract on the bonds authorized by this Article, but does not waive sovereign immunity…