Title 12 — Autonomous Agencies

A Limited Qualifying Certificate is an instrument valid for not more than two (2) years issued by the Chairman of the Board upon recom- mendation of the Board to a beneficiary who has qualified for a tax rebate under this Chapter. SOURCE: Added by P.L. 19-19:25.

Any person shall be eligible for a Limited Qualifying Certificate who has received compensation for land takings from the United States pursuant to the Omnibus Territories Act of 1977 (the Act). SOURCE: Added by P.L. 19-19:25.

A Limited Qualifying Certificate may be rescinded for fraud or misrepresentation of any material allegation in the application for such Certificate. SOURCE: Added by P.L. 19-19:25.

Applications for Qualifying Certificates shall be filed on forms prescribed and furnished by the Corporation. SOURCE: Added by P.L. 19-19:25. COL120106

Each beneficiary of the Limited Qualifying Certificate shall receive a rebate of one hundred percent (100%) of all income tax paid to the government of Guam on any payment by the United States as compensa- tion for land taking pursuant to the Act. SOURCE: Added by P.L. 19-19:25.

To claim the rebate, the Beneficiary shall attach a certified true copy of the Limited Qualifying Certificate to his Guam income tax return when filing it. The amount of tax due prior to rebate shall be deposited with the Treasurer of Guam at the time of filing the income tax ret…

The Director of Revenue and Taxation may issue such rules as are deemed necessary to implement the procedures outlined in this Chapter. SOURCE: Added by P.L. 19-19:25.

An application fee of Five Dollars ($5) shall accompany each application for a Limited Qualifying Certificate. SOURCE: Added by P.L. 19-19:25. ---------- COL120106

This Chapter may be cited as the GEDA Project Revenue Bond Act of 1982. SOURCE: GC §53588, as added by P.L. 16-66.

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 Economic Development Authority, created by P.L. 8-80, as amended, Eighth Guam Legisla- ture. (b) Board means the Bo…

Resolution. A copy of any application for assistance under this Chapter received by the Authority shall be submitted to, and for the review and advice of the Administrator of the Authority. Prior to making any commitment for such assistance, the Authority shall, by resolution dul…

(a) The Authority shall establish and maintain a special fund called the "Economic Development Project Fund" into which shall be deposited such money: (1) as shall be appropriated by the Legislature for the purpose of such Fund; (2) if the Authority so determines in any resolutio…

For the purpose of providing funds: (a) to pay or cause to be paid all or any part of the cost of any project or projects; (b) to make loans to any person in accordance with the provisions of this Chapter; and (c) for the funding or refunding of any bonds, the Authority shall hav…

(a) By resolution approved by the Governor, the Authority shall have the power to incur indebtedness, borrow money and issue its bonds COL120106 for the purposes stated in § 64105 of this Chapter. Except as may otherwise be expressly provided by the Authority, every issue of its …

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, the Authority shall have power by resolution to covenant and agree with the several holders of such bonds, as to: COL120106 (a) The custody, security, use, expenditure or application of the proceeds…

In the case of project revenue bonds issued for the purpose of providing funds to pay or cause to be paid all or any part of the cost of any project as defined in the last sentence of § 64102(h) of this Title, any moneys received by the Authority after the payment or provision fo…

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 any physic…

Territory. 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 be in an…

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 of money of the Authority, and the Au…

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

All banks, bankers, trust companies, savings banks, investment companies, savings and loan associations and other financial institutions COL120106 or persons carrying on a banking or financial business are authorized to give to the Authority a good and sufficient undertaking with…

The sections 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 powers conferred by any other laws, and the provisions of this Chapter shall be complete author…

If any section, part, phrase or provision of this Chapter or the application thereof to any person, project or circumstances, be adjudged invalid by any court of competent jurisdiction, such judgment shall be confined in its operation to the section part, phrase, provision or app…

Other Judicial Process. COL120106 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;…

This Chapter may be cited as the Guam Economic Development Authority Mortgage Revenue Bond Act of 1971. SOURCE: GC §53607, as added by P.L. 11-18.

The following terms, wherever used or referred to in this Chapter, or in any indenture entered into pursuant thereto, shall have the following meanings, respectively, unless a different meaning appears from the context: (a) Authority means the Guam Economic Development Authority,…

Bonds; Special Obligations and Not Indebtedness; Pledge, Lien, Priority and Trust Fund. (a) The Board has power and is hereby authorized, in addition to all other powers conferred upon it by law to exercise any or all of the powers granted to the Board by this Chapter. The Board …

Payments and charges shall be fixed to yield annual revenues not less than the aggregate of the annual payments to the bond, sinking, reserve and other funds provided in an indenture for the bonds and operational costs. Provided, however, the total payments and charges shall not …

COL120106 Before issuing any bond or bonds, the Board shall, by indenture approved by the Governor, 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 purpose,…

(a) All bonds shall be issued in the name of the Agency. (b) The Board shall determine the time, form and manner of issuance of bonds. (c) Every bond shall recite that it is not a general indebtedness of the Authority, but rather is a special obligation of the Authority payable s…

The indentures shall provide for the date or dates of issuances and maturities, interest rates, denominations, form, registration, transfer and interchange of any bonds and coupons to be issued, and the terms and conditions on which the same shall be executed, issued, secured, so…

COL120106 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…

(a) Bonds shall bear interest payable annually or semi-annually or in part annually and in part semi-annually, except that the first coupon on any bond may be payable twelve (12) months or any number of months less than twelve (12) after the date of such bond. (b) If, upon presen…

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

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 payment of such premium as may be fixed by the indenture. No bond is subject to call or redemption prior to its fixed mat…

An indenture may provide for the payment of the principal and interest of bonds at one or more places in the Territory or in the United States and in any specified coin or currency of the United States. SOURCE: §53607.11 GC, as added by P.L. 11-18; amended by P.L. 15-147.

Indenture. An indenture may include any and all such covenants and agree- ments on the part of Authority as are authorized by this Chapter or as the Board deems necessary or advisable for the better security of the bonds issued thereunder, including, without limiting the generali…

All bonds issued under the provisions of this Chapter are negotiable instruments transferable by physical delivery, except when registered in the name of a registered owner. COL120106 SOURCE: GC §53607.13, as added by P.L. 11-18.

(a) The authority shall appoint a bank or trust company to act as trustee for the Board and the holders of the 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 prose…

The duties and powers of the trustee may be prescribed in an indenture with respect to the issuance, authentication, sale and delivery of the bonds provided for therein and with respect to the payment of principal of and interest on such bonds, the redemption thereof, the registr…

The proceeds from the sale of all bonds authorized by this Chapter shall be deposited forthwith to the credit of a fund to be designated as the Guam Economic Development Authority Mortgage Fund, which fund is hereby created, and shall be expended for the purposes authorized by th…

After payment of all operating costs and expenses and after providing for all charges required or authorized to be expended from any COL120106 fund, the Board may, subject to legislative appropriation, use any surplus remaining in any fund or account for such purposes as the Boar…

The Authority shall prepare or procure the requisite number of suitable bonds and appurtenant coupons of the denominations and in accordance with the specifications contained in the indenture. The Authority shall prepare or procure the printing, engrossing or publication of any i…

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

Bonds authorized to be issued under the Chapter shall be sold by the Board for cash, in accordance with the provisions of a resolution provid- ing for such sale adopted by the Board and approved by the Governor. COL120106 Such resolution by the Board may provide that the bonds sh…

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

Bonds. 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 the acquisition of notes of any person secured by a mortgage described in §2103(i) of this Title to accomplish …

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

The indenture may provide for the replacement of lost, destroyed or mutilated bonds or coupons. SOURCE: GC §53607.24, as added by P.L. 11-18.