Title 5, Government Operations

Subparagraph (k) of § 2103 of Title 12, Guam Code Annotated, provides that agencies and instrumentalities of the government of Guam shall issue obligations only by means of and through the agency of GEDA, and that GEDA shall not sell any obligation without the approval of the Leg…

The Governor of Guam shall undertake his best efforts to cause a portion of any Bonds issued pursuant to this § 22811 to be offered for sale in Guam, if and to the extent that such offer and any sales resulting from such offer do not increase the cost to the government of Guam of…

As authorized in this § 22811, the Governor is authorized to enter into loan agreements with local banks for the purpose of paying income tax refunds owed to taxpayers (the Loans). The terms and conditions of the Loans shall be as negotiated by the Governor except that (a) the in…

Revenues. The Loans authorized by this § 22811 shall constitute valid and binding general obligations of the government of Guam, which pledges its full faith and credit for the punctual payment of both principal of and interest on the Loans. There shall be collected annually in t…

There are hereby appropriated from the General Fund such sums as will equal in each year the amount of money necessary to pay the principal of and interest on the Loans.

Notwithstanding any substantive or procedural provision of Chapter 6, Title 5, Guam Code Annotated, the government of Guam hereby waives immunity from any suit or action in contract on the Loans, but does not waive sovereign immunity as to the personal liability of elected or app…

The form and language of the loan agreements supporting the Loans including provisions for execution, negotiability, termination, defaults, and other terms or conditions not inconsistent with this § 22811, shall be as negotiated by the Governor authorizing their execution. The Go…

Proceeds from the Loans shall be used for the purpose for which the government of Guam is authorized to use and expend moneys as set forth in § 22812 and for payment of expenses relating to the negotiation and execution of the Loans, including, without limitation, costs of reprod…

No employee or appointed or elected official of the government of Guam shall be individually or personally liable for the payment of any amounts due on any of the Loans made under this § 22811, or for any other liability arising in connection with the Loans; provided, however, th…

Subparagraph (k) of § 2103 of Title 12, Guam Code Annotated, provides that agencies and instrumentalities of the government of Guam shall issue obligations only by means of and through the agency of GEDA, and that GEDA shall not sell any obligation without the approval of the Leg…

In paying the income tax refunds due to Guam taxpayers, the government of Guam may utilize only one (1) of the two (2) alternatives authorized by this § 22811: Either the Bonds or the Loans, but not both, and shall choose that alternative that is determined to be the less expensi…

Whether the Bonds or the Loans are utilized, the maximum borrowing under either shall not exceed Forty-Five Million Dollars ($45,000,000).

In the event the proceeds of either the Bonds or the Loans are in excess of the amounts needed to pay all the tax refunds due and to pay for the costs of issuance and administration of such Bonds or Loans, such excess shall only be used to redeem the Bonds or to repay the Loans. …

There is hereby created, separate and apart from the other funds of the government of Guam, a reserve fund known as the “Rainy Day Fund.”

The Rainy Day Fund shall not be commingled with the General Fund or any other fund of the government of Guam. The Rainy Day Fund shall be maintained in a separate bank account.

The Rainy Day Fund shall be expended by appropriation by law for the following purposes: (a) eliminating or reducing any General Fund deficit existing at the end of a fiscal year substantially resulting from an unexpected, substantial decline in revenues received or due to the Ge…

All funds appropriated pursuant to § 22436, Chapter 22, Title 5, Guam Code Annotated, shall be deposited in the Rainy Day Fund. However, no deposits to the Rainy Day Fund shall be made if the Fund’s assets exceed ten percent (10%) of the average gross operating requirements funde…

The Director of Administration shall account for and administer the Rainy Day Fund. The Director shall keep all books, records, files and accounts of the Rainy Day Fund. The Director shall prepare quarterly reports relative to the Rainy Day Fund reflecting the transactions and th…

The Director of Administration shall invest money held in the Rainy Day Fund in any type of investment approved for the Retirement Fund. All proceeds and income from investments of the Rainy Day Fund shall be deposited in the Rainy Day Fund. SOURCE: Added by P.L. 22-024:7 (Aug. 3…

The following terms shall have the following meanings when used in this Article: (a) Hotel tax revenues means all revenues derived from taxes of the type now imposed by § 30101 of Chapter 30 of Title 11 of the Guam Code Annotated. (b) Infrastructure improvement project means any …

Infrastructure Improvement Bonds. The Governor of Guam is authorized to issue on behalf of the Government an issue of bonds of the Government consisting of refunding bonds and new money bonds, subject to the following requirements and limitations: (a) The issuance of the bonds sh…

The bonds of the new issue shall be limited obligations of the Government payable from and secured by a pledge of all or any part of the hotel tax revenues. Any pledge made to secure the bonds shall be valid and binding from the time the pledge is made. The hotel tax revenues rec…

Form of Bonds; Covenants; Appointment of Fiduciaries; Other Related Agreements. The terms and conditions of the new issue shall be as determined by the Governor by the execution of an indenture authorizing the issuance of the issue. The indenture shall contain such terms and cond…

The Governor is authorized to enter into such contracts or agreements with such banks, insurance companies or other financial institutions as he determines are necessary or desirable to improve the security and marketability of any bonds authorized by this Article. Such contracts…

Revenue. The bonds of the issue authorized by this Article shall constitute the valid and binding limited obligations of the Government. All officers charged by law with any duty in the collection of any revenues from which debt service on the issue is payable shall do every lawf…

Notwithstanding any substantive or procedural provision of the Government Claims Act, Chapter 6 of Title 5 of the Guam Code Annotated, the Government waives immunity from any suit or action in contract on the bonds authorized by this Article, but does not waive sovereign immunity…

No employee or elected official of the Government shall be individually or personally liable for the payment of any amounts due on any bonds issued under this Article, or for any other liability arising in connection with the bonds; provided, however, that nothing in this § 22957…

The General Manager of the Guam Economic Development Authority in conjunction with the Director of the Department of Public Works and the Attorney General of Guam shall be responsible for ensuring full and faithful compliance by private contractors and engineers with the Tumon Re…

The proceeds of the new money bonds issued under this Article are hereby appropriated for the purposes of implementing the infrastructure improvement projects contained in the attachment marked ‘Exhibit B’ and made part of this Act. The breakdown of funding amounts for each proje…

Authority. Title 12 Guam Code Annotated § 50103(k) provides that agencies and instrumentalities of the Government shall issue bonds and other obligations only by means of and through the agency of the Guam Economic Development Authority (‘GEDA’). No issue of bonds authorized by t…

Title 12 Guam Code Annotated § 50103(k) also provides that GEDA shall not sell any bond without the approval of the Guam Legislature of the terms and conditions of the issuance of the bonds. The Guam Legislature hereby approves the issuance, terms and conditions of the bonds auth…

The proceeds of the bonds issued pursuant to this Article, and any revenues relating to such bonds, may be invested in, but only in, the types of investments permitted by the indenture pursuant to which such bonds are issued.

The Governor of Guam shall undertake his best effort to cause a portion of any bonds issued pursuant to this Article 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…

Upon the sale and execution thereof by the Government, the Registrar shall authenticate and, upon receipt by the Trustee of the proceeds thereof, deliver, to or upon the Order of the Government, 1997 Series A Bonds in the aggregate principal amount of ____________________________…

Other Amounts. The proceeds received from the issuance of the 1997 Series A Bonds shall be deposited in trust with the Trustee, who shall forthwith (1) transfer $________of such proceeds to First Hawaiian Bank, as Trustee for the Government of Guam Limited Obligation Infrastructu…

(A) The Depositary shall establish and maintain and hold in trust a separate fund designated as the “Construction Fund.” Amounts in the Construction Fund shall be used and withdrawn, as provided in THIS Section, solely for (1) the purpose of implementing Infrastructure Improvemen…

(A) In addition to the 1997 Series A Bonds, the Government may by supplemental Indenture establish one or more other Series of Bonds, payable from and secured by the assets pledged by THIS Indenture on a parity with Bonds previously issued, and the Government may issue, and the R…

Whenever the Government shall determine to issue an additional Series of Bonds pursuant to § 3.04, the Government shall enter into a Supplemental Indenture specifying the principal amount and prescribing the forms of Bonds of such additional Series and providing terms, conditions…

The validity of the authorization and issuance of the Bonds is not dependent on and shall not be affected in any way by any proceedings taken by the Government, the Trustee or the Depositary with respect to the application of the proceeds of the Bonds. The recital contained in th…

(A) The 1997 Series A Bonds maturing after _________ are subject to redemption prior to their respective stated maturities, at the option of the Government, from any source of available funds, on any date on or after ________, _______, as a whole, or in part by such maturity or m…

For purposes of selecting Bonds for redemption, Bonds shall be deemed to be composed of $5,000 portions, and any such portion may be separately redeemed. The Trustee shall promptly notify the Government in writing of the Bonds or portions thereof selected for redemption. In the e…

Notice of redemption (except as provided below) shall be given, not less than thirty (30) nor more than sixty (60) days before the date fixed for redemption, by first class mail to each of the registered owners of Bonds designated for redemption at their addresses appearing on th…

Upon surrender of any Bond redeemed in part only, the Government shall execute and the Registrar shall authenticate and deliver to the registered owner thereof, at the expense of the Government, a new Bond or Bonds of authorized denominations, and of the same Series, maturity and…

Notice of redemption having been duly given as aforesaid, and moneys being held by the Trustee for payment of the Redemption Price of, and interest accrued to the redemption date on, the Bonds (or portions thereof) so called for redemption on the redemption date designated in suc…

(A) Subject only to the provisions of this Indenture permitting the application thereof for or to the purposes and on the terms and conditions set forth herein, there are hereby pledged to secure the payment of the principal of and interest on the Bonds in accordance with their t…

On or before the [fifth] day of each calendar month following the calendar month in which the 1997 Series A Bonds are delivered, the Depositary shall transfer from the Revenue Fund (to the Trustee as necessary), for deposit into one or more of the following respective separate fu…