Title 5, Government Operations

Title 12 Guam Code Annotated § 50103(k) also provides that GEDA shall not sell any bond without the approval of the Guam Legislature of the terms and conditions of the issuance of the bonds. The Guam Legislature hereby approves the issuance, terms and conditions of the bonds auth…

The proceeds of the bonds issued pursuant to this Article, and any revenues relating to such bonds, may be invested in, but only in, the types of investments permitted by the indenture pursuant to which such bonds are issued.

The Governor of Guam shall undertake his best effort to cause a portion of any bonds issued pursuant to this Article to be offered for sale in Guam, as well as in other jurisdictions, if and to the extent that such offer and any sales resulting from such offer do not increase the…

Upon the sale and execution thereof by the Government, the Registrar shall authenticate and, upon receipt by the Trustee of the proceeds thereof, deliver, to or upon the Order of the Government, 1997 Series A Bonds in the aggregate principal amount of ____________________________…

Other Amounts. The proceeds received from the issuance of the 1997 Series A Bonds shall be deposited in trust with the Trustee, who shall forthwith (1) transfer $________of such proceeds to First Hawaiian Bank, as Trustee for the Government of Guam Limited Obligation Infrastructu…

(A) The Depositary shall establish and maintain and hold in trust a separate fund designated as the “Construction Fund.” Amounts in the Construction Fund shall be used and withdrawn, as provided in THIS Section, solely for (1) the purpose of implementing Infrastructure Improvemen…

(A) In addition to the 1997 Series A Bonds, the Government may by supplemental Indenture establish one or more other Series of Bonds, payable from and secured by the assets pledged by THIS Indenture on a parity with Bonds previously issued, and the Government may issue, and the R…

Whenever the Government shall determine to issue an additional Series of Bonds pursuant to § 3.04, the Government shall enter into a Supplemental Indenture specifying the principal amount and prescribing the forms of Bonds of such additional Series and providing terms, conditions…

The validity of the authorization and issuance of the Bonds is not dependent on and shall not be affected in any way by any proceedings taken by the Government, the Trustee or the Depositary with respect to the application of the proceeds of the Bonds. The recital contained in th…

(A) The 1997 Series A Bonds maturing after _________ are subject to redemption prior to their respective stated maturities, at the option of the Government, from any source of available funds, on any date on or after ________, _______, as a whole, or in part by such maturity or m…

For purposes of selecting Bonds for redemption, Bonds shall be deemed to be composed of $5,000 portions, and any such portion may be separately redeemed. The Trustee shall promptly notify the Government in writing of the Bonds or portions thereof selected for redemption. In the e…

Notice of redemption (except as provided below) shall be given, not less than thirty (30) nor more than sixty (60) days before the date fixed for redemption, by first class mail to each of the registered owners of Bonds designated for redemption at their addresses appearing on th…

Upon surrender of any Bond redeemed in part only, the Government shall execute and the Registrar shall authenticate and deliver to the registered owner thereof, at the expense of the Government, a new Bond or Bonds of authorized denominations, and of the same Series, maturity and…

Notice of redemption having been duly given as aforesaid, and moneys being held by the Trustee for payment of the Redemption Price of, and interest accrued to the redemption date on, the Bonds (or portions thereof) so called for redemption on the redemption date designated in suc…

(A) Subject only to the provisions of this Indenture permitting the application thereof for or to the purposes and on the terms and conditions set forth herein, there are hereby pledged to secure the payment of the principal of and interest on the Bonds in accordance with their t…

On or before the [fifth] day of each calendar month following the calendar month in which the 1997 Series A Bonds are delivered, the Depositary shall transfer from the Revenue Fund (to the Trustee as necessary), for deposit into one or more of the following respective separate fu…

(A) Subject to subsection CD) of this Section, all amounts m the Bond Fund shall be used and withdrawn by the Trustee solely for the purpose of (1) paying interest on the Bonds as it shall become due and payable (including accrued interest on any Bonds purchased or redeemed prior…

All amounts in the Bond Reserve Fund shall be used and withdrawn by the Trustee solely for the purpose of making up any deficiency in the Bond Fund in the manner and to the extent set forth in § 5.06. Upon the Request of the Government, any amount in the Bond Reserve Fund in exce…

All amounts in the Bond Expense Fund shall be used and withdrawn by the Trustee (or by the Government upon Requisition) solely for the purpose of paying Bond Expenses. The Trustee shall disburse moneys in the Bond Expense Fund only upon Requisition of the Government stating the p…

(A) In the event that on the fifth day before any Interest Payment Date, or if any such day is not a Business Day, on the next preceding Business Day, the amount in the Bond Fund is insufficient to pay the principal of, Mandatory Sinking Account Payments for and interest on such …

All moneys in the funds and accounts established pursuant to this Indenture, other than the Rebate Fund, shall be invested by the Trustee or the Depositary, as the case may be, solely in Investment Securities to maximize investment income, with proper regard for the preservation …

(A) In addition to the other funds and accounts created pursuant to this Indenture, the Trustee shall establish and maintain a fund separate from any other fund established and maintained hereunder and designated as the “Rebate Fund.” The Trustee shall also establish and maintain…

The Trustee hereby agrees to hold each Credit Facility for the benefit of the Holders of the related Series of Bonds. [Appropriate claim/payment provisions to come from Credit Provider] The Government hereby authorizes and directs the Trustee to surrender any Credit Facility to t…

The Government shall punctually pay or cause to be paid, from the Revenues and other assets pledged hereunder, the principal or Redemption Price and interest to become due in respect of all the Bonds, in strict conformity with the terms of the Bonds and of this Indenture.

Bonds. The Government shall not directly or indirectly extend or assent to the extension of the maturity of any of the Bonds or the time of payment of any of the claims for interest by the purchase or funding of such Bonds or claims for interest or by any other arrangement; and i…

The Government shall not create, or permit the creation of, any pledge, lien, charge or other encumbrance upon the Revenues or other assets pledged or assigned under this Indenture while any of the Bonds are Outstanding, except the pledge and assignment created by this Indenture …

The Government represents and warrants that it is duly authorized pursuant to law to issue the Bonds and to enter into this Indenture and to pledge the Revenues and other assets purported to be pledged under this Indenture in the manner and to the extent provided in this Indentur…

The Government shall, from time to time, duly pay and discharge, or cause to be paid and discharged, any property taxes, assessments or other governmental charges that may be lawfully imposed upon the Revenues or other assets pledged or assigned under this Indenture, when the sam…

The Government shall at all times keep, or cause to be kept, proper books of record and account in which complete and accurate entries shall be made of all transactions relating to the proceeds of Bonds, the Revenues, and all funds and accounts established pursuant to this Indent…

The Government shall at all times use its best efforts to maintain the powers, functions, duties and obligations now reposed in it pursuant to law, and will not at any time voluntarily do, suffer or permit any act or thing the effect of which would be to hinder, delay or imperil …

The Government and the Trustee hereby covenant and agree that they will comply with and carry out all of the provisions of that certain Continuing Disclosure Agreement between the Government and the Trustee dated the date of issuance and delivery of the 1997 Series A Bonds, as or…

(A) The Government shall not use or permit the use of any proceeds of the 1997 Series A Bonds or any other funds of the Government, directly or indirectly, to acquire any securities or obligations, and shall not use or permit the use of any amounts received by the Government in a…

Regulations. The Government shall faithfully observe and perform all the covenants, conditions and requirements of this Indenture, shall not issue any Bonds in any manner other than in accordance with this Indenture, and shall not take any action that would permit any default to …

The Government shall impose, levy, enforce and collect Hotel Room Taxes (or may, in its sole and absolute discretion, but shall not be obligated to, pay into the Revenue Fund moneys from any other source) in an aggregate amount within each Bond Year at least sufficient to pay and…

The Government shall file with the Trustee, the Depositary and each Credit Provider, on or before the day on which the 1997 Series A Bonds are issued, a budget setting forth the estimated amounts required to be transferred by the Trustee pursuant to subsections _______(c)(1) and …

The Government shall not at any time insist upon or plead in any manner whatsoever, or claim or take the benefit or advantage of, any stay or extension law now or at any time hereafter in force that may affect the covenants and agreements contained in this Indenture or in the Bon…

The Government will make, execute and deliver any and all such further indentures, instruments and assurances as may be reasonably necessary or proper to carry out the intention or to facilitate the performance of this Indenture and for the better assuring and confirming unto the…

of Default: (A) default by the Government in the due and punctual payment of the principal or Redemption Price of any Bond when and as the same shall become due and payable, whether at maturity as therein expressed, by proceedings for redemption, by declaration or otherwise; defa…

If an Event of Default shall occur, then, and in each and every such case during the continuance of such Event of Default, the Trustee or the Holders of not less than a majority in aggregate principal amount of the Bonds at the time Outstanding shall be entitled, upon notice in w…

Default. If an Event of Default shall occur and be continuing, all Revenues and any other funds (except the Construction Fund and the Rebate Fund) then held or thereafter received by the Trustee or Depositary under any of the provisions of this Indenture (subject to § 11.10) shal…

The Trustee is hereby appointed (and the successive respective Holders of the Bands, by taking and holding the same, shall be conclusively deemed to have so appointed the Trustee) as trustee and true and lawful attorney-in-fact of the Holders of the Bonds for the purpose of exerc…

Anything in this Indenture to the contrary notwithstanding, the Holders of a majority in aggregate principal amount of the Bonds then Outstanding shall have the right, by an instrument or concurrent instruments in writing executed and delivered to the Trustee, to direct the metho…

No Holder of any Bond shall have the right to institute any suit, action or proceeding at law or in equity, for the protection or enforcement of any right or remedy under this Indenture, the Act or any other applicable law with respect to such Bond. unless (A) such Holder shall h…

Nothing in § 7.06 or in any other provision of this indenture, or in the Bonds, contained shall affect or impair the obligation of the Government, which is absolute and unconditional, to pay the principal or Redemption Price of and interest on the Bonds to the respective Holders …

In case any proceedings taken by the Trustee or any one or more Bondholders on account of any Event of Default shall have been discontinued or abandoned for any reason or shall have been determined adversely to the Trustee or the Bondholders, then in every such case the Governmen…

No remedy herein conferred upon or reserved to the Trustee or to the Holders of the Bonds is intended to be exclusive of any other remedy or remedies, and each and every such remedy, to the extent permitted by law, shall be cumulative and in addition to any other remedy given her…