Title 12, Autonomous Agencies

In its recommendation of specific exemptions and tax benefit, the Authority shall require the following as terms and conditions to such benefit and exemptions: (1) Percentage of Investment. Limiting the tax benefits and exemptions to a percentage of the capital investment in Guam…

(a) To qualify for any tax exemptions or benefits provided for in this Chapter, the Beneficiary must be a resident business enterprise. AResident business enterprise,@ as used in this Subsection, means a business concern which is all of the following: (i) at least seventy-five pe…

This Chapter may be cited as the Guam Economic Development Authority Tobacco Settlement Revenue Bond Act.

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…

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…

(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…

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…

(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…

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.

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…

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…

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…

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…

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…

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 …

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…

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…

This Chapter may be cited as the Guam Streetlight Authority Act.

As used in this Chapter, the following words and phrases are defined to mean: (a) Authority means the Guam Streetlight Authority. (b) Board means the governing board of the Authority. (c) Bond means bonds, notes or other evidences of indebtedness of the Authority, issued by the A…

There is hereby created a public corporation to be known as the Guam Streetlight Authority with functions, powers and responsibilities as hereinafter provided. The principal office of the Authority shall be located in Guam, and the Authority shall be deemed to be a resident of Gu…

The Authority is created with the limited and sole purpose of facilitation of the replacement and conversion of existing streetlights by financing, procuring, and installing new LED streetlights for Guam’s public streets and highways.

The Authority shall have and exercise each and all of the following powers, but only to the extent necessary or desirable in furtherance of its corporate purpose: (a) To issue, sell or dispose of revenue bonds and other obligations from time to time under such terms and condition…

(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 …