Guam § 1205 - Construction Fund, Creation.
Full text of Guam Guam Code Annotated § 1205 — Construction Fund, Creation., with citation guidance and answers to common questions.
§ 1205. Construction Fund, Creation.
(a) There is created a special fund of the Authority known as the Antonio B. Won Pat International
Airport Authority, Guam Construction Fund, into which shall be paid the proceeds of the sale of the general
revenue bonds except for the following:
(1) Any accrued interest received, which shall be paid into the bond redemption fund established
by § 1207 of this Article.
(2) Proceeds of such bonds required to be deposited as reserves for such bonds by resolution.
(3) Proceeds of any bonds issued to refund any outstanding bonds, which shall be applied as
provided in the bond resolution authorizing the issuance of such refunding bonds.
(b) The money in the Construction Fund shall be used to pay the costs of acquiring, constructing,
reconstructing, purchasing, bettering, expanding, improving or maintaining the airports; and all costs
incidental thereto, including the costs of the authorization, issuance and sale of the general revenue bonds.
To the extent provided in the bond resolution, money in the Construction fund may also be used for the
payment of interest on the general revenue bonds during the period of actual construction and such further
period, not to exceed six (6) months, after the period of construction. When all costs required to be paid
from the Construction Fund have been paid, or provision for the payment of such costs have been made,
money remaining on deposit in the Construction Fund may be applied as provided in the bond resolution
authorizing the issuance of such general revenue bonds.
(c) The board may provide in the bond resolution that money in the construction Fund may be invested
in any investment permitted by the bond resolution. The interest earned upon or any profits derived from
the sale of this investment shall be deposited in and become a part of the Construction Fund.
(d) The Board may provide in the bond resolution for the establishment of such accounts in the
Construction Fund as are necessary.
Frequently Asked Questions About Guam § 1205
What does Guam Code Annotated § 1205 cover?
Section 1205 ("Construction Fund, Creation.") is part of the Guam Code Annotated, the codified statutory law of Guam. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Guam § 1205?
A common citation format is "Guam Code Annotated § 1205" (Guam). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Guam law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Guam official source linked on this page or consult a licensed Guam attorney.
How does Guam § 1205 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Guam can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Guam.