Title 12, Autonomous Agencies

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.

Bonds issued pursuant to the provisions of this Chapter and the interest or income therefrom are exempt from taxation in accordance with the provisions of the last sentence of § 11 of the Organic Act. (§1423a, Title 48, U.S. Code.) SOURCE: GC §53607.25, as added by P.L. 11-18.

Performance of Any Act. Notwithstanding any other provision of law, all bonds sold and delivered pursuant to the provisions of this Chapter 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 …

COL120106 The Board, with the approval of the Governor, and the consent of the Legislature by resolution, 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 Chapter. All provisio…

Issued. 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, purchasing, retiring or paying of such outstanding bonds, and the …

Title to the Guam Economic Development Authority Mortgage Fund and the revenues and income therefrom is in the Authority. The title to any moneys, revenues, bond reserve funds and other funds and ac- counts created by this Chapter or any indenture and the income thereof pledged t…

In addition to the proceeds of any bonds issued and sold pursuant to this Chapter, the Board may use for the acquisition of mortgages any available money or funds of the Authority and any money or funds made COL120106 available to the Authority by any person or provided from any …

The Board may insure against loss of revenues from any cause whatsoever, the proceeds of which shall be used solely for the payment or security of bonds and the interest thereon. An indenture may provide for the carrying of such insurance or any other insurance in such amount and…

The holder of any bond issued pursuant to this Chapter may by accounting, injunction, 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 Governor, the trustee or any other offic…

Except where specific appropriation is required by this Chapter, all money in the funds and accounts created by this Chapter or any indenture is hereby appropriated for expenditure in carrying out the purposes herein and therein provided. SOURCE: GC §53607.33, as added by P.L. 11…

Any indenture authorizing bonds may provide that the bonds shall recite that they are issued pursuant to this Chapter and bonds containing such recital are conclusively deemed valid and issued in conformity with this Chapter. SOURCE: GC §53607.34, as added by P.L. 11-34.

Limitations on Actions Involving Bonds. Within fifteen (15) days of the adoption of a resolution by the Board constituting an indenture providing for the issuance of bonds under this Chapter, the Board shall publish notice of adoption of the resolution, stating the aggregate prin…

This Chapter shall be known as the Guam Economic Development Authority Hospital Facilities Finance Act. SOURCE: GC §53608, as added by P.L. 12-69.

COL120106 As used or referred to in this Chapter, the following words and terms shall have the following meanings, unless the context clearly indicates otherwise: (a) Board means the Board of Directors of the Guam Economic Development Authority. (b) Bonds or notes means the reven…

In addition to all powers heretofore or hereafter conferred upon it by law, the Board shall have the power and is hereby authorized: (a) To incur indebtedness, and to issue bonds or notes therefor, as provided in this Chapter, in order to finance and refinance, acquire, construct…

In undertaking any hospital facilities pursuant to this Chapter the Board shall be guided by and shall observe the following criteria and requirements; provided that the determination of the Board as to its compliance with such criteria and requirements shall be final and conclus…

For the purposes of this Chapter, public agencies are authorized and empowered to enter into contracts and agreements, including agreements of lease, with the Board to facilitate the financing, acquiring, constructing, equipping, providing, operating and maintaining of hospital f…

COL120106 In addition to hospital facilities initiated by the Board, any public or nonprofit agency may submit to the Board, and the Board may consider a proposal using such forms and following such instructions as may be prescribed by the Board for financing hospital facilities.…

Conveyance of Hospital Facilities to Lessee. All hospital facilities shall be operated to serve and benefit the general public and there shall be no discrimination against any person based on race, creed, color or national origin. The Board may lease any hospital facilities to a …

Contracts for the construction of any project, or any part thereof, may be awarded by the Board in such manner as in its judgment will best promote free and open competition, including advertisement for competitive bids in a newspaper of general circulation in Guam provided, howe…

Bonds or notes issued under the provisions of this Chapter shall not be deemed to constitute a debt, liability or obligation of the Territory or of any political subdivision thereof or a pledge of the faith and credit of COL120106 the Territory or of any such political subdivisio…

The Board is hereby authorized to provide for the issuance, at one time or from time to time, of bonds or notes in anticipation of the issuance of bonds, useful or necessary in carrying out and effectuating the purposes provided in the indenture authorizing the issuance of such b…

Indenture. COL120106 Bonds or notes may be issued in accordance with the provisions of this Chapter pursuant to an indenture approved or adopted by the Board and approved as well by the Governor and the Legislature by resolution. Such indenture, which may be secured by a trust ag…

(a) The Board is hereby authorized to fix and to collect fees, rents and charges for the use of any hospital facilities, and any part or section thereof, and to contract with any public or nonprofit agency for the use thereof. The Board may require that the lessee or users of any…

Holders of Bonds. (a) A Federal Reserve member bank 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 prosecute …