Title 12 — Autonomous Agencies

This Chapter may be cited as the Guam Economic Development Authority Mortgage Revenue Bond Act of 1971. SOURCE: GC §53607, as added by P.L. 11-18.

The following terms, wherever used or referred to in this Chapter, or in any indenture entered into pursuant thereto, shall have the following meanings, respectively, unless a different meaning appears from the context: (a) Authority means the Guam Economic Development Authority,…

Bonds; Special Obligations and Not Indebtedness; Pledge, Lien, Priority and Trust Fund. (a) The Board has power and is hereby authorized, in addition to all other powers conferred upon it by law to exercise any or all of the powers granted to the Board by this Chapter. The Board …

Payments and charges shall be fixed to yield annual revenues not less than the aggregate of the annual payments to the bond, sinking, reserve and other funds provided in an indenture for the bonds and operational costs. Provided, however, the total payments and charges shall not …

COL120106 Before issuing any bond or bonds, the Board shall, by indenture 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 sold for such purpose,…

(a) All bonds shall be issued in the name of the Agency. (b) The Board shall determine the time, form and manner of issuance of bonds. (c) Every bond shall recite that it is not a general indebtedness of the Authority, but rather is a special obligation of the Authority payable s…

The indentures shall provide for the date or dates of issuances and maturities, interest rates, denominations, form, registration, transfer and interchange of any bonds and coupons to be issued, and the terms and conditions on which the same shall be executed, issued, secured, so…

COL120106 An indenture may provide for one or several issues of bonds and that bonds may be issued in series or that any issue may be divided into one or more divisions with different maturities or dates of issue, different rates of interest, or different terms and conditions for…

(a) Bonds shall bear interest payable annually or semi-annually or in part annually and in part semi-annually, except that the first coupon on any bond may be payable twelve (12) months or any number of months less than twelve (12) after the date of such bond. (b) If, upon presen…

An indenture may provide that bonds may be issued as coupon bonds or as registered bonds and for the interchange of coupon bonds for the registered bonds and registered bonds for coupon bonds, and may provide that bonds shall be registered as to principal only, or as to both prin…

An indenture may provide that bonds may be redeemed prior to maturity upon such terms, conditions and upon such notice as are stated in the indenture and upon payment of such premium as may be fixed by the indenture. No bond is subject to call or redemption prior to its fixed mat…

An indenture may provide for the payment of the principal and interest of bonds at one or more places in the Territory or in the United States and in any specified coin or currency of the United States. SOURCE: §53607.11 GC, as added by P.L. 11-18; amended by P.L. 15-147.

Indenture. An indenture may include any and all such covenants and agree- ments on the part of Authority as are authorized by this Chapter or as the Board deems necessary or advisable for the better security of the bonds issued thereunder, including, without limiting the generali…

All bonds issued under the provisions of this Chapter are negotiable instruments transferable by physical delivery, except when registered in the name of a registered owner. COL120106 SOURCE: GC §53607.13, as added by P.L. 11-18.

(a) The authority shall appoint a bank or trust company to act as trustee for the Board and the holders of the bonds issued hereunder, and the Board may authorize the trustee to act on behalf of the holders of the bonds, or any stated percentage thereof, and to exercise and prose…

The duties and powers of the trustee may be prescribed in an indenture with respect to the issuance, authentication, sale and delivery of the bonds provided for therein and with respect to the payment of principal of and interest on such bonds, the redemption thereof, the registr…

The proceeds from the sale of all bonds authorized by this Chapter shall be deposited forthwith to the credit of a fund to be designated as the Guam Economic Development Authority Mortgage Fund, which fund is hereby created, and shall be expended for the purposes authorized by th…

After payment of all operating costs and expenses and after providing for all charges required or authorized to be expended from any COL120106 fund, the Board may, subject to legislative appropriation, use any surplus remaining in any fund or account for such purposes as the Boar…

The Authority shall prepare or procure the requisite number of suitable bonds and appurtenant coupons of the denominations and in accordance with the specifications contained in the indenture. The Authority shall prepare or procure the printing, engrossing or publication of any i…

An indenture may provide for the execution and authentication of bonds and coupons 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 signature stamp of a…

Bonds authorized to be issued under the Chapter shall be sold by the Board for cash, in accordance with the provisions of a resolution provid- ing for such sale adopted by the Board and approved by the Governor. COL120106 Such resolution by the Board may provide that the bonds sh…

The Board may use and expend all or any part of any funds other than revenues or proceeds of any property owned by it, whether received by gift, appropriation or otherwise (if not restricted as to the use of such funds or proceeds of property by the terms of gift or trust or prov…

Bonds. The proceeds of sale of any bonds may be expended for any one or more of the following purposes, all as provided in the indenture relating to such bonds: (a) For the acquisition of notes of any person secured by a mortgage described in §2103(i) of this Title to accomplish …

An indenture may provide that pending the actual issuance or delivery of definitive bonds, the Board 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 del…

The indenture may provide for the replacement of lost, destroyed or mutilated bonds or coupons. SOURCE: GC §53607.24, as added by P.L. 11-18.

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 § 11 of the Organic Act. (§1423a, Title 48, U.S. Code.) SOURCE: GC §53607.25, as added by P.L. 11-18.

Performance 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 …

COL120106 The Board, with the approval of the Governor, and the consent of the Legislature by resolution, 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 provisio…

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

Title to the Guam Economic Development Authority Mortgage Fund and the revenues and income therefrom is in the Authority. The title to any moneys, revenues, bond reserve funds and other funds and ac- counts created by this Chapter or any indenture and the income thereof pledged t…

In addition to the proceeds of any bonds issued and sold pursuant to this Chapter, the Board may use for the acquisition of mortgages any available money or funds of the Authority and any money or funds made COL120106 available to the Authority by any person or provided from any …

The Board may insure against loss of revenues from any cause whatsoever, the proceeds of which shall be used solely for the payment or security of bonds and the interest thereon. An indenture may provide for the carrying of such insurance or any other insurance in such amount and…

The holder of any bond issued pursuant to this Chapter may by accounting, injunction, mandamus or other appropriate proceeding require and compel the performance of any of the duties imposed upon or assumed by the Authority, the Board, the Governor, the trustee or any other offic…

Except where specific appropriation is required by this Chapter, all money in the funds and accounts created by this Chapter or any indenture is hereby appropriated for expenditure in carrying out the purposes herein and therein provided. SOURCE: GC §53607.33, as added by P.L. 11…

Any indenture authorizing bonds may provide that the bonds shall recite that they are issued pursuant to this Chapter and bonds containing such recital are conclusively deemed valid and issued in conformity with this Chapter. SOURCE: GC §53607.34, as added by P.L. 11-34.

Limitations on Actions Involving Bonds. Within fifteen (15) days of the adoption of a resolution by the Board constituting an indenture providing for the issuance of bonds under this Chapter, the Board shall publish notice of adoption of the resolution, stating the aggregate prin…