Guam § 1204 - Specific Authorization for Issuance of Bonds.

§ 1204. Specific Authorization for Issuance of Bonds.

(a) For the purpose of providing money to be used for the cost of the acquisition, purchase,

construction, reconstruction, improvement, betterment or extension of the airports, the Board is authorized

to issue and sell general revenue and special revenue bonds as hereinafter provided. The principal of and

interest on the bonds shall be paid out of and secured by the revenue derived from the ownership, lease, use

and operation of the airports and of all the facilities thereof as to the general revenue bonds, and from the

sources specified in the bond resolution as to the special revenue bonds.

(b) The Board, in determining the foregoing cost, may include all costs and estimated costs of the

issuance and sale of the bonds, all engineering, inspection, fiscal and legal expenses and interest which it

is estimated will accrue during the construction period and for six (6) months thereafter on the bonds.