Title 12, Autonomous Agencies

The definitions set forth herein shall govern the construction and interpretation of this Chapter: (a) ‘Prior bond’ means for purposes of this Chapter the following obligations which are to be redeemed or otherwise retired with the proceeds of refunding bonds and investment earni…

Conditions of Bonds of the Government for the Sole Purpose of Achieving Debt Service Savings. I Maga=lahen Guåhan [Governor of Guam]is authorized to issue on behalf of the government of Guam one or more issues of bonds of the government consisting of refunding bonds, subject to t…

Bonds of Agencies, Authorities and Instrumentalities of the Government for the Sole Purpose of Achieving Debt Service Savings. Section 50103(k) of Title 12 of the Guam Code Annotated, authorities and instrumentalities of the government of Guam shall issue bonds only by means of a…

The proceeds of bonds issued by the government or any agency, authority or instrumentality thereof under this Chapter, and any revenues relating to such bonds, may be invested in, but only in, the types of investments permitted by the certificate or indenture pursuant to which su…

Any agency, authority or instrumentality of the government and I Maga=lahen Guåhan [Governor of Guam] on behalf of the government of Guam, in connection with, or incidental to, the issuance of bonds under this Chapter, or the carrying of any investment or program of investment un…

GEDA shall undertake its best efforts to cause a portion of any bonds issued pursuant to this Chapter, to be offered for sale in Guam, as well as in other jurisdictions, if and to the extent that such offer and any sales resulting from such offer do not increase the cost to the g…

[Repealed.] SOURCE: Added by P.L. 26-058:2 (Nov. 20, 2001). Repealed by P.L. 36- 071:24 (Dec. 27, 2021). 2022 NOTE: Prior to its repeal, this provision stated: There is hereby created an Education Facilities Fund (the >Fund=). The Fund shall be a special fund of the government of…

There is hereby established a special fund called the Agricultural Development Fund, hereinafter referred to as the Fund, which shall be maintained separate and apart from any other funds of the Guam Economic Development Authority, and independent records and accounts shall be ma…

The Fund shall consist of all moneys appropriated by the government of Guam or received from the United States Government or any agency thereof, or form any other source for the administration of this Chapter, or from any person or organization as compensation for services render…

The moneys in the Fund are to be used by the Guam Economic Development Authority as part of a joint program with the Department of Agriculture to aid in the development or subsidization of poultry, pork COL120106 and beef production, agricultural products, processing plants and e…

The program will proceed in two (2) directions: (a) Direct loans to individuals as approved by the Department of Agriculture. (b) The organization of separate agricultural corporations to be jointly managed by the Guam Economic Development Authority and the Department of Agricult…

It shall be the responsibility of the Guam Economic Development Authority to (a) provide the needed funds, (b) provide financial and business management, (c) organize and direct marketing activities. It shall be the responsibility of the Department of Agriculture to (a) select an…

Funds will be advanced to whatever entity is involved for the purpose of purchasing poultry, hogs, cattle, supplies, feed, etc., all related to poultry, hog or beef production; leasing and purchasing of equipment; establishing and developing agriculture, aquaculture, horticulture…

The Guam Economic Development Authority shall make direct loans to and guarantee loans of responsible non-profit cooperative associations and individual farmers necessary for expanding facilities for the improvement of marketing of agriculture products and other related agricultu…

In undertaking any such loan, the Board of Directors shall be guided by and shall observe the following criteria and requirements; provided, that the determination by the Board of Directors as to its compliance with such criteria and requirements shall be final and conclusive: (1…

An annual report shall be made jointly by the Guam Economic Development Authority and the Department of Agriculture to the Governor and the Legislature, reporting upon the progress made and containing a detailed financial analysis. SOURCE: GC § 53602. COL120106

This Chapter shall be liberally construed to accomplish its purpose of aiding in the development of agriculture. SOURCE: GC § 53603. ---------- COL120106

There is hereby established a special fund called the Small Business Development Fund, hereinafter referred to as the Fund, which shall be maintained separate and apart from any other funds of the Guam Economic Development Authority (the Authority), and independent records and ac…

(a) The Governor of Guam and the Director of the Department of Administration shall transfer to the Fund up to six hundred thousand dollars ($600,000) annually of those revenues generated by any increase in the fees collected by the government of Guam for the application for or r…

(a) The money in the Fund is to be used by the Guam Economic Development Authority to encourage, assist, develop and expand the small business private sector in Guam=s economy. The money is to be used in the form of loans to individuals who are U.S. citizens who have resided on G…

COL120106 12 GCAAUTONOMOUS AGENCIES It shall be the responsibility of the Authority to: (a) provide the needed funds; (b) assist in providing financial, marketing and management information; (c) approve or disapprove specific proposals; (d) approve loans and/or equity participati…

Funds will be disbursed in accordance with the agreed terms of the loan and in accordance with promulgated rules and regulations for approved applications/projects. Collateral security will be obtained, whenever possible, in accordance with established rules and regulations. Fund…

An annual report shall be made to the Governor and the Legislature, reporting upon the progress made and containing a detailed analysis with respect to the administration and financial commitments of the Fund. SOURCE: Formerly 12 GCA §2215. Added by P.L. 21-42:12(b).

The Guam Economic Development Authority shall develop procedures, rules and regulations to implement the intent of this Chapter. SOURCE: Formerly 12 GCA §2216. Added by P.L. 21-42:12(b).

This Chapter shall be liberally construed to accomplish its purpose in aiding in the development of small business on Guam. SOURCE: Formerly 12 GCA §2217. Added by P.L. 21-42:12(b).

COL120106 12 GCAAUTONOMOUS AGENCIES Three Million Dollars ($3,000,000) are appropriated from the General Fund to the Guam Economic Development Authority for the Small Business Development Fund. SOURCE: Formerly 12 GCA §2218. Added by P.L. 21-42:12(b). ---------- COL120106

Powers. In addition to the general powers and authorized activities as enumerated in Chapter 50 of this Division, the Guam Economic Development Authority, hereinafter referred to as the Corporation is authorized and empowered: (a) To insure, or to reinsure insurers of, bona fide …

The Board is authorized to issue such rules and regulations as may be necessary to carry out the provisions of this Chapter. SOURCE: GC § 53605.

There is hereby authorized to be established and set aside a separate and special revolving fund in the sum of Fifty Thousand Dollars ($50,000) to be used solely in connection with the intent and purposes of this Chapter. SOURCE: GC § 53606. COL120106

(a) There is established within the Guam Economic Development Authority a Farmers Assistance Revolving Fund to assist farmers involved in agriculture and aquaculture related services. (b) The Fund shall be administered by the Guam Economic Development Authority Board of Directors…

(a) I Liheslatura recognizes that the Qualifying Certificate program of the Guam Economic Development Authority (the Authority) was conceived as an economic incentive tool to entice investors into Guam. In use for over two decades, it has had substantial positive impact upon the …

This Chapter shall be known as the “Frank D. Perez Economic Revitalization and Enhancement Zone Act.” SOURCE: Added by P.L. 25-169:2 (Oct. 19, 2000).

A “Qualifying Certificate” is a contract valid for a given period of time, executed by I Maga’håga/Maga’låhi upon recommendation of the Authority, between the government of Guam and the Beneficiary, which has qualified for certain tax rebates or tax abatements or for both in retu…

The recipient of a Qualifying Certificate shall be known as a “Beneficiary.” COL 2025-08-27

A Qualifying Certificate shall entitle the Beneficiary to tax rebates or tax abatements or both in return for meeting the conditions and requirements prescribed by the Authority in this Chapter and in the Qualifying Certificate.

A Qualifying Certificate shall only be issued to the following entities: Any trust, partnership, sole proprietorship, Limited Liability Partnership (LLP), Limited Liability Company (LLC), or corporation formed under the laws of Guam, or possessions corporation as defined in § 581…

No Qualifying Certificate shall be issued unless the Authority finds that the proposed activities of the Beneficiary shall promote the general economic development of Guam by: (a) Employment. Creation of employment; plus (b) Replace Imports. Replacement of imports; or (c) Price R…

A Qualifying Certificate may be issued by I Maga’hågan/Maga’låhen Guåhan upon the recommendation of the Authority to any applicant that proposes to engage in an eligible business, or to any applicant stockholder of such corporation holding a Qualifying Certificate, and said corpo…

A Qualifying Certificate, once issued, shall be a contract between the government of Guam and the Beneficiary, and the tax rebates or abatements or both set out in the Certificate may not be curtailed, limited or impaired without the consent of both parties by any subsequent act,…

The Authority shall adopt regulations containing standards, criteria, and measures of investments for the Qualifying Certificate applicant and describing the benefits to be derived by the people of Guam in the issuance of Qualifying Certificates. Such regulations shall include pr…

In making its recommendation to I Maga’håga/Maga’låhi the Authority shall consider and make specific findings on the following: (a) The impact of the Beneficiary’s proposed activities upon established businesses and markets in Guam; (b) The financial risks facing the Beneficiary …

In its recommendation of specific tax benefits, the Authority shall consider the following as possible terms and conditions to such benefits: (a) Percentage of Investment. Limiting the tax benefits to a percentage of the capital investment in Guam to be made by the Beneficiary; (…

A Qualifying Certificate may be suspended, rescinded or revoked by I Maga’hågan/Maga’låhen Guåhan upon the recommendation of the Authority for the following reasons: (a) Fraud. Fraud or misrepresentation of any material fact in the application for such Certificate; COL 2025-08-27…

No recommendation for suspension, rescission or revocation of a Qualifying Certificate shall be made by the Authority except after a hearing thereon pursuant to the provisions of the Administrative Adjudication Law.

The suspension, rescission or revocation of a Qualifying Certificate may be retroactive to the time of the act or omission giving rise to the suspension, rescission or revocation or for any shorter period recommended by the Authority.