Title 12, Autonomous Agencies

(a) Before issuing any bond or bonds, the Board shall by indenture, approved by I Maga’håga/Maga’låhi, 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 purpo…

The Board, with the approval of I Maga’håga/Maga’låhi, may enter into indentures providing for the aggregate principal amount, date or dates, maturities, interest rates, denominations, form, registration, transfer and interchange of any bonds and coupons issued pursuant to this A…

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 the bonds…

An indenture pursuant to which bonds are issued and which is approved by legislation may include any and all such covenants and agreements on the part of the Authority, the Board, Guam, I Maga’håga/Maga’låhi, the Director of Administration, the Treasurer, the General Manager or a…

(a) The Director of Administration or any agent designated by him shall act as trustee for the Board and the holders of 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…

The Board 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 redemption t…

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…

(a) Bonds shall bear interest at a net rate of not to exceed nine percent (9%) per annum, after subtracting from bond interest the amount of any direct subsidy payment to be received from the United States in connection with such Bonds. Interest shall be payable annually or semi-…

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. No bond is subject to call or redemption prior to its fixed…

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. SOURCE: GC § 21565. 2023 NOTE: Reference to “Territory” replaced with “Guam” pursu…

An indenture may provide for the execution and authentication of bonds 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 the Director …

Bonds shall bear dates prescribed by the Board 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 in more than fifty (50) years from its …

Whenever an indenture, adopted by the Board and approved by I Maga’håga/Maga’låhi, directs the preparation of any bonds authorized under this Article, the Treasurer shall prepare or procure the requisite number of suitable bonds and appurtenant coupons of the denominations and in…

Bonds authorized to be issued under this Article shall be sold by the Board for cash, in accordance with the provisions of a resolution providing for such sale adopted by the Board and approved by I Maga’håga/Maga’låhi. Such resolution may provide that the bonds shall be sold at …

The Board may use and expend all or any part of any funds other than revenues or proceeds of any property owned by it other than the system, 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…

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 payment of any costs or expenses of the acquisition, construction or completion of the system or any part thereof or a…

An indenture may provide that the bonds and the interest thereon shall be secured by all or by part of revenues and that the bonds shall constitute such lien upon revenues as may be provided for in such indenture. SOURCE: GC § 21572.

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 or any denomination whatsoever and with or without coupons, to be exchanged for definitive bonds when ready for deli…

The Board, with the approval of I Maga’håga/Maga’låhi, may provide for the replacement of lost, destroyed or mutilated bonds or coupons. SOURCE: GC § 21574. 2025 NOTE: Reference to the “Governor” replaced with I Maga’håga/Maga’låhi pursuant to 5 GCA § 1510.

Bonds issued pursuant to the provisions of this Article and the interest or income therefrom are exempt from taxation in accordance with the provisions of the last sentence of Section 11 of the Organic Act. (§1423a, Title 48, U.S. Code.) SOURCE: GC § 21575.

Notwithstanding any other provision of law, all bonds sold and delivered pursuant to the provisions of this Article 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 the performance of any ac…

The Board, with the approval of I Maga’håga/Maga’låhi, 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 Article. All provisions of this Article applicable to the issuance of bo…

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, retiring or paying of such outstanding bonds and the issuance of such refun…

All bonds issued under the provisions of this Article are negotiable instruments, except when registered in the name of a registered owner. SOURCE: GC § 21579.

Title to the system and to all property acquired by or for the Authority and the revenues and income therefrom is in the Authority. The title to any moneys, revenues, bond reserve funds and other funds and accounts created by this Article or any indenture and the income thereof p…

In addition to the proceeds of any bonds issued and sold pursuant to this Article, the Board may use for the payment of the costs of acquisition, construction or completion of the system or any part thereof any available money or funds of the Authority and any money or funds made…

The Board may insure against loss of revenues from any cause whatsoever and the proceeds of any such insurance shall be used solely for the payment of bonds and the interest thereon. The Board may insure against public liability or property damage from any cause. An indenture may…

An indenture may include such limitations as to acquisition, ownership or operation by the Authority or the Board of projects which may compete with the system as may be deemed necessary or desirable for the security of bonds issued pursuant to this Article. SOURCE: GC § 21583.

The holder of any bond issued pursuant to this Article may by 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 Treasurer, the General Manager, I Maga’håga/Maga’låhi, the Direc…

The proceeds from the sale of all bonds authorized by this Article shall be deposited forthwith by the Treasurer to the credit of a fund to be designated as the Guam Power Authority Construction Fund, which fund is hereby created. The money in said Construction Fund shall be expe…

All revenues received from the operation of the system shall be deposited by the Treasurer to the credit of the Guam Power Authority Revenue Fund, which fund is hereby created. Moneys in the Guam Power Authority Revenue Fund shall be used for the following purposes in the followi…

Moneys in the Guam Power Authority Construction Fund may be invested by the Treasurer and any revenues in any other fund or account held by the Treasurer or by the Director of Administration or his agent may be invested by the Treasurer or Director of Administration or his agent,…

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 acquisition, construc…

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. SOURCE: GC § 21589.

The Board may at any time or from time to time, by resolution adopted by a majority of all the members of the Board and approved by I Maga’håga/Maga’låhi, incur indebtedness for any lawful purpose for any period not exceeding five (5) years evidenced by contract with any person o…

This Article shall be liberally construed to carry out the objects and purposes and the declared policy of Guam as in this Article set forth. Nothing contained in this Article shall be construed directly or by implication to be in any way in derogation or limitation of powers con…

I Liheslaturan Guåhan, pursuant to § 50103(k) of Title 12 of the Guam Code Annotated, hereby approves the terms and conditions of the issuance and sale of revenue bonds (the bonds), from time to time, by the Guam Power Authority (GPA), in one or more series or issues of tax-exemp…

The GPA shall file a petition with the Guam Public Utilities Commission to reduce the GPA’s Self- Insurance Fund surcharge charged to ratepayers by not less than seventy percent (70%) of the Self- Insurance Fund surcharge in effect as of the enactment of this Act. GPA shall reque…

Any financial agreement or arrangement between GPA and any bank, private banking firm, brokerage firm, bond brokerage firm, or similar financial institutions, which uses, pledges, or arbitrages any GPA revenue, trust funds, debt service payment deposits with trustees, bond procee…

This Article shall be known as the Alternate Energy Plan for Guam Act. SOURCE: Added by P.L. 17-077 (Dec. 11, 1984).

The findings of the Seventeenth Guam Legislature are that: (a) P.L. 16-119 requires the Guam Power Authority to prepare a Ten Year Alternate Energy Plan for Guam, and that the Governor I Maga’håga/Maga’låhi shall forward said plan to the Legislature to be considered for codificat…

The U.S. Department of Energy’s Territorial Energy Assessment-Final Report is hereby adopted as an integral part of the Comprehensive Development Plan for Guam, the latter is hereby adopted as the official guideline for alternate energy development for Guam by the Seventeenth Gua…

I Maga’håga/Maga’låhi is hereby authorized to proceed with development of a long term energy plan for Guam and to develop alternate energy sources without legislative approval by itself or in conjunction with Guam Power Authority or private companies, to the extent that those alt…

The Guam Energy Office, in coordination with other appropriate government agencies, shall coordinate the development of conventional energy resources and alternate energy resources outlined in the Ten Year Alternate Energy Plan for Guam, which plan is hereby included as an elemen…

I Liheslatura supports, in principle, the development of alternate energy, but is concerned that the alternate energy program not be a burden upon the taxpayers, power consumers, and residents of Guam. Therefore, I Maga’håga/Maga’låhi, the government of Guam and the Guam Power Au…

The Power of Eminent Domain (condemnation) shall not be used by the government of Guam or the Guam Power Authority to provide land for alternate energy sources or to provide land to lease to alternate energy suppliers. It shall be the exclusive responsibility of the alternate ene…