Title 12 — Autonomous Agencies
37 chapters · 1,201 sections in this title.
12 GCA § 64101 Short Title
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This Chapter may be cited as the GEDA Project Revenue Bond Act of 1982. SOURCE: GC §53588, as added by P.L. 16-66.
12 GCA § 64102 Definitions
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As used in this Chapter or in any indenture entered into pursuant thereto, unless a different meaning clearly appears from the context: (a) Authority means the Guam Economic Development Authority, created by P.L. 8-80, as amended, Eighth Guam Legisla- ture. (b) Board means the Bo…
12 GCA § 64103 Application for Assistance, Finding and Determination;
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Resolution. A copy of any application for assistance under this Chapter received by the Authority shall be submitted to, and for the review and advice of the Administrator of the Authority. Prior to making any commitment for such assistance, the Authority shall, by resolution dul…
12 GCA § 64104 Economic Development Project Fund
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(a) The Authority shall establish and maintain a special fund called the "Economic Development Project Fund" into which shall be deposited such money: (1) as shall be appropriated by the Legislature for the purpose of such Fund; (2) if the Authority so determines in any resolutio…
12 GCA § 64105 Bonds; Power to Issue, Purposes
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For the purpose of providing funds: (a) to pay or cause to be paid all or any part of the cost of any project or projects; (b) to make loans to any person in accordance with the provisions of this Chapter; and (c) for the funding or refunding of any bonds, the Authority shall hav…
12 GCA § 64106 Bonds; Issuance; Authorization by Resolution; Terms
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(a) By resolution approved by the Governor, the Authority shall have the power to incur indebtedness, borrow money and issue its bonds COL120106 for the purposes stated in § 64105 of this Chapter. Except as may otherwise be expressly provided by the Authority, every issue of its …
12 GCA § 64107 Bonds; Negotiability
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Any provision of any law to the contrary notwithstanding, any bond or other obligation issued pursuant to this Chapter shall be fully negotiable for all purposes, and each holder or owner of such a bond or other obligation, or of any coupon appurtenant thereto, by accepting such …
12 GCA § 64108 Covenants With Bondholders
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In order to secure the payment of such bonds and in addition to its other powers, the Authority shall have power by resolution to covenant and agree with the several holders of such bonds, as to: COL120106 (a) The custody, security, use, expenditure or application of the proceeds…
12 GCA § 64108.1 Legislative Approval
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In the case of project revenue bonds issued for the purpose of providing funds to pay or cause to be paid all or any part of the cost of any project as defined in the last sentence of § 64102(h) of this Title, any moneys received by the Authority after the payment or provision fo…
12 GCA § 64109 Pledge of Revenues; Lien
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Any pledge of revenues or other money made by the Authority shall be valid and binding from the time when the pledge is made; the revenues or other money so pledged and thereafter received by the Authority shall immediately be subject to the lien of such pledge without any physic…
12 GCA § 64110 Nonliability of Members of the Authority or of the
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Territory. Neither the members of the Authority nor any person executing bonds issued pursuant to this Chapter shall be liable personally on the bonds by reason of the issuance thereof. Bonds or other obligations issued by the Authority pursuant to this Chapter shall not be in an…
12 GCA § 64111 Tax Exemptions; Payments in Lieu of Taxes
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The exercise of the powers granted by this Chapter shall constitute the performance of an essential governmental function and the Authority shall not be required to pay any taxes or assessments upon or in respect of a project, or any property of money of the Authority, and the Au…
12 GCA § 64112 Bonds as Legal Investments and as Security for
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Performance of any Act. Notwithstanding any restriction contained in any other law, the Territory, its officers, boards, commissions, departments or other agencies, all banks, bankers, trust companies, savings banks and institutions, building and loan associations, savings and lo…
12 GCA § 64113 Sureties or Collateral for Deposits of Authority
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All banks, bankers, trust companies, savings banks, investment companies, savings and loan associations and other financial institutions COL120106 or persons carrying on a banking or financial business are authorized to give to the Authority a good and sufficient undertaking with…
12 GCA § 64114 Inapplicability of Other Laws
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The sections of this Chapter shall be deemed to provide a complete method for the doing of things authorized thereby and shall be regarded as not in conflict with, or as restrictive of powers conferred by any other laws, and the provisions of this Chapter shall be complete author…
12 GCA § 64115 Severability
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If any section, part, phrase or provision of this Chapter or the application thereof to any person, project or circumstances, be adjudged invalid by any court of competent jurisdiction, such judgment shall be confined in its operation to the section part, phrase, provision or app…
12 GCA § 64116 Property of Authority; Exemption From Execution or
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Other Judicial Process. COL120106 All property of the Authority shall be exempt from levy and sale by virtue of an execution and no execution or other judicial process shall issue against the same nor shall any judgment against the Authority be a charge or lien upon its property;…