Title 12 — Autonomous Agencies
37 chapters · 1,201 sections in this title.
12 GCA § 81101 Short Title
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This Chapter may be cited as the Guam Economic Development Authority Tobacco Settlement Revenue Bond Act.
12 GCA § 81102 Legislative Statement and Intent
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I Liheslaturan Guåhan [The Guam Legislature] hereby incorporates by reference and reiterates the findings made in Public Law Number 25- 187 concerning the sale and securitization of the tobacco settlement payments allocable to Guam under the Master Settlement Agreement between th…
12 GCA § 81103 Definitions
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As used in this Chapter, the following words and phrases are defined to mean: (a) Authority means the Guam Economic Development and Commerce Authority, as established by Chapter 50 of this Division. (b) Board means the Board of Directors of the Authority. (c) Bonds means bonds, n…
12 GCA § 81104 Tobacco Receipts; Assignment to Authority
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(a) The tobacco receipts due to the government after April 10, 2001 under the Master Settlement Agreement, and the government=s right to be paid tobacco receipts after April 10, 2001, under the Master Settlement Agreement, are hereby irrevocably and absolutely assigned to the Aut…
12 GCA § 81105 Powers of the Board
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COL05272011 3 (a) In addition to the powers contained elsewhere in this Division, the board has all power necessary, useful or appropriate to administer the functions of the Authority under this Chapter and to effectuate the purposes of this Chapter, including, but not limited to…
12 GCA § 81106 Authorization of Bonds
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(a) The Authority may issue bonds, from time to time, for the purposes and in the manner provided in this Chapter. The Authority may issue bonds to refund all or any portion of bonds previously issued under this Chapter. COL05272011 5 (b) All bonds must be payable solely from and…
12 GCA § 81107 Accounts to be Maintained Separately
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COL05272011 7 All funds and accounts of the Authority established pursuant to this Chapter shall be held and maintained separately from all other funds, properties, assets and accounts of the Authority, the government and its other agencies.
12 GCA § 81108 Modification of Master Settlement Agreement
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During the period of time that any bonds issued under this Chapter are outstanding, the government may not agree to the amendment of the Master Settlement Agreement without the approval of the Authority; and this restriction on amendment of the Master Settlement Agreement is a pa…
12 GCA § 81109 Right of Authority to Fulfill Agreements with Bondholders
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Protected. The government pledges and agrees with the Authority and the holders of the bonds, that the government shall not limit or alter the rights of the Authority to fulfill the terms of its agreements with such holders, and shall not in any way impair the rights and remedies…
12 GCA § 81110 Protection of Tobacco Receipts
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No person acting under any provision of law or principle of equity shall be permitted in any way to impede, or in any manner interfere with: (a) the full and timely payment of principal, interest and premiums on or purchase price of bonds issued under this Chapter; or (b) the ple…
12 GCA § 81111 Master Settlement Agreement and Model Statute Valid and
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Enforceable. Notwithstanding any provision of general or special laws to the contrary, the Master Settlement Agreement and the model statute referred to in the Master Settlement Agreement, as enacted by the government, are each valid and enforceable in accordance with their respe…
12 GCA § 81112 Performance of Master Settlement Agreement
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Article XII of the Master Settlement Agreement imposes continuing and material obligations on the government, and a failure by the government to continue performing those obligations shall constitute a material breach excusing the performance of the other parties to the Master Se…
12 GCA § 81113 Bond Proceeds to Refund the Guam Economic Development
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and Commerce Authority Tobacco Settlement Asset-Backed Bonds, Series 2001A and Series 2001B, and for other purposes. (a) Notwithstanding any other Sections in this Chapter, including § 81104(b), or Article 13 of Chapter 22 of Division 2 of Title 5 of the Guam Code Annotated, the …
12 GCA § 81114 Chapter to be Liberally Construed
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This Chapter shall be liberally construed to effectuate its intent and purposes, without implied limitations. All rights and powers granted to the Authority in this Chapter shall be cumulative with those derived from other sources, and shall not, except as expressly stated in thi…
12 GCA § 81115 Severability
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If any provision of this Law or its application to any person or circumstance is found to be invalid or contrary to law, such invalidity shall not affect other provisions or applications of this Law which can be given effect without the invalid provisions or application, and to t…