Title 12, Autonomous Agencies

(a) All functions and powers of the Authority shall be vested in and be exercised by and under the direction of a Board of Directors composed of three (3) members, appointed by the Consolidated Commission on Utilities from among its members. Members of the Board shall serve for a…

The General Manager of the Guam Power Authority shall serve ex officio as the General Manager of the Authority, and shall be the Chief Executive Officer of the Authority. The General Manager of the Authority shall be responsible for the day-to-day operations of the Authority. The…

This Chapter shall be construed liberally so far as may be necessary for the purpose of effecting its general intent. The declaration of invalidity or nullity of any provision of this Chapter by a competent court shall not affect the force and validity of the remaining provisions…

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 Streetlight Authority. COL10312014 (b) Board means the governing board of the Authority. (c) Bond means bonds, note…

The Authority shall have the power to authorize or provide for the issuance of bonds pursuant to this Chapter for the purpose of providing funds to pay or cause to be paid all or any part of the cost of any project or projects, or for the refinancing of any bonds. It is hereby de…

Providing Terms and Conditions of Bonds. (a) By resolution of the Board and approved by I Maga’lahi (the Governor), the Authority shall have the power to incur indebtedness, borrow money and issue its bonds for the purposes stated in § 82202 of this Chapter. The Authority may ent…

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 …

In order to secure the payment of such bonds and in addition to its other powers, an indenture pursuant to which bonds are issued may provide that the Authority shall have power by resolution to covenant and agree with the several holders of such bonds, as to: (a) the custody, se…

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 COL1031201…

Government of Guam. 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…

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 or money of the Authority, and the Au…

Performance of any Act. Notwithstanding any restriction contained in any other law, the government of Guam, its officers, boards, commissions, departments or other agencies, all banks, bankers, trust companies, savings banks and institutions, building and loan associations, savin…

The provisions 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 power conferred by any other laws, and the provisions of this Chapter shall be complete autho…

Other Judicial Process. 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; provided…

COL10312014 The government of Guam hereby pledges that while any bonds of the Authority issued under this Article remain outstanding and not fully performed or discharged it shall: (a) maintain the rights, powers and duties of the Board to fulfill the terms of any agreements made…

Any balance remaining in any of the funds or accounts created by this Article or any indenture after payment of all costs, expenses and charges required or authorized to be expended therefrom, may be allocated and used for such other purposes relating to the project or to the Aut…

(a) The Authority, or any agent designated by the Authority, shall act as trustee for the Authority and the holders of bonds issued hereunder and the Authority may authorize the trustee to act on behalf of the holders of the bonds or any stated percentage thereof and to exercise …

The Authority shall prescribe in any indenture the duties and powers of the trustee with respect to the issuance, authentication, sale and delivery of the bonds provided for in such indenture and with respect to the payment of principal of and interest on such bonds, the redempti…

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

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 the payment of such premium as may be fixed by the indenture.

An indenture may provide for the payment of the principal and interest of bonds at any one or more places in Guam or in the United States and in any specified coin or currency of the United States.

An indenture may provide for the execution and authentication of bonds by the manual or facsimile signature of any one or more officers COL10312014 of the Authority and by additional authentication by endorsement by the manual signature or a signature stamp of any one or more off…

Bonds shall bear dates prescribed by the Authority in the indenture providing for their issuance. Bonds may be serial bonds, term bonds or sinking fund bonds with such maturities as the indenture shall specify. No bond by its terms shall mature more than fifty (50) years after it…

Bonds authorized to be issued under this Article shall be sold by the Authority for cash, in accordance with the provisions of a resolution providing for such sale adopted by the Board. The bonds may be sold at either public or private sale, and upon such terms and conditions as …

The validity of the authorization and issuance of any bonds by the Authority is not dependent on nor affected in any way by: (a) proceedings taken by the Authority for the acquisition, construction or improvement of a project or any part thereof; (b) any contracts made by the Aut…

COL10312014 Bonds issued pursuant to the provisions of this Article and the interest or income therefrom are exempt from taxation to the extent permitted by the provisions of Section 11 of the Organic Act.

All revenues received from or on account of projects shall be deposited to the credit of the Guam Streetlight Authority Revenue Fund, which fund is hereby created. Moneys in the Guam Streetlight Authority Revenue Fund may be used for any of the following purposes in the order of …

Moneys in the Guam Streetlight Authority Revenue Fund may be invested by the Authority and any revenues in any other fund or account held by or on behalf of the Authority or its agent may be invested by the Authority or its agent, as the case may be, in any investment authorized …

All money in the funds and accounts created by this Article or any indenture is hereby appropriated for expenditure in carrying out the purposes herein and therein provided

The Board has the power and is hereby authorized to cause the Authority to enter into such contracts or agreements with such banks, insurance companies or other financial institutions as it determines are necessary or desirable to improve the security and marketability of the COL…