Title 12 — Autonomous Agencies

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 …

Notwithstanding any other provisions of law to the contrary, all moneys received pursuant to the authority of this Chapter, including, without limitation, fees, rents, charges, insurance proceeds, condemna- tion awards and any other revenues and funds received in connection with …

COL120106 Any holder of bonds or notes issued under the provisions of this Chapter or any coupons appertaining thereto, and the trustee under any indenture authorizing the issuance of such bonds or notes, except to the extent the rights herein given may be restricted by such inde…

Notwithstanding any of the foregoing provisions of this Chapter or any recitals in any bonds or notes issued under the provisions of this Chapter, all such bonds or notes and interest coupons appertaining thereto shall be and are hereby made negotiable instruments under the laws …

Bonds or notes issued under the provisions of this Chapter are hereby made securities in which all public officers and public bodies of the Territory and its political subdivisions, all insurance companies, trust companies, banking associations, investment companies, executors, a…

The Board is hereby authorized to provide pursuant to an indenture for the issuance of refunding bonds or notes for the purpose of refunding any bonds, notes or other forms of indebtedness then outstanding which COL120106 shall have been issued by a nonprofit or public agency for…

No member or officer of the Board shall be subject to any personal liability or accountability by reason of his execution of any bonds or notes or the issuance thereof. COL120106 SOURCE: GC §53608.18, as added by P.L. 12-69.

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. The exercise of the powers granted by this Chapter will be in all respects for …

If any member, officer or employee of the Board shall be interested either directly or indirectly, or shall be an officer or employee of or have an ownership interest in any firm or corporation interested directly or indirectly in any contract with the Board, such interest shall …

The foregoing sections of this Chapter shall be deemed to provide an additional and alternative method for the doing of the things authorized thereby and shall be regarded as supplemental and additional to powers conferred by other laws, and shall not be regarded as in derogation…

This Chapter, being necessary for the health and welfare of the people of the Territory, shall be liberally construed to effect the purposes thereof. COL120106 SOURCE: GC §53608.22, as added by P.L. 12-69.

Insofar as the provisions of this Chapter are inconsistent with the provisions of any general or special laws, or parts thereof, the provisions of this Chapter shall be controlling. SOURCE: GC §53608.23, as added by P.L. 12-69.

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…

Additional hotel accommodations and tourist facilities and services are essential to the further development of Guam’s tourist industry, now the island’s principal industry, in view of the downsizing of the territory’s military facilities. Additional hotel accommodations and tour…

The Corporation shall promote the construction of new hotels, the expansion of existing hotels, and the construction of tourist facilities for COL120106 the adequate accommodation, amusement of, and service to tourists and other visitors to Guam. SOURCE: GC §53609.1, as added by …

The Corporation is authorized and empowered to do all things necessary or appropriate to carry out the purposes of this Article. It is expressly authorized: (a) Information on tourism. To work with the Guam Visitors Bureau and other concerned agencies to collect and disseminate i…

For purposes of this Article and unless the context otherwise requires, Hotel means a building or buildings containing not less than two hundred (200) guest rooms held out to the public as a place where all transient persons, including but not limited to tourists, who come will b…

(a) Business Privilege Tax. The proceeds from any contract for building materials or supplies, or for labor or supervision used in the construction of any new hotel or tourist facility in Guam, or for the expansion of any existing hotel, or for the development of affordable housi…

The Board shall exercise its powers with respect to this Article so as to promote the construction of new hotels, the expansion of existing hotels, and the construction of tourist facilities in an orderly manner and with due regard being given to the profitability of existing hot…

§ 70108. >Sunset= Provision.

[Repealed, reserved, or text not separately stated.]

COL120106 This Act [Sections 70110-70114] may be cited or referred to as >The Southern Economic Incentive Construction Act of 2000=. SOURCE: Sections 70110 - 70114 (as renumbered by Compiler) have been added by P.L. 25-124:2-6.

For purposes of this Act, the following villages and municipalities shall constitute the Southern Economic Incentive Region: Piti, Santa Rita, Agat, Umatac, Merizo, Inarajan, Talofofo and Yona.

Contractors or Developers. In order to participate in the tax rebates, abatement and exemption benefits for home contractors or developers (Benefits Program) established in 12 GCA §§ 70107 and 70109, the respective home contractor or developer shall apply to the Guam Economic Dev…

To effectuate the intent of this Act, the Guam Economic Development Authority (>GEDA=) together with the Guam Housing Corporation (>GHC=) shall, within thirty (30) days upon enactment, amend the existing rules and shall submit the same to I Liheslaturan Guåhan for review and appr…

If any provision of this Law or its application to any person or circumstance is found to be invalid or contrary to law, such invalidity shall not affect other provisions or applications of this Law which can be given effect without the invalid provisions or applications, and to …

The Legislature hereby finds and determines that loans made for the purpose of assisting land claimants under the Omnibus Territories Act of 1977 (48 U.S.C. 1424c) are of such vital need to the economy of Guam as to warrant additional risk and subsidies not normally assumed or pr…