Guam § 1208 - Bond Resolution, Adoption; Concurrence Required; Contents of.

§ 1208. Bond Resolution, Adoption; Concurrence Required; Contents of.

(a) No general revenue bonds shall be issued unless authorized by the Board in a bond resolution

adopted by it and unless I Liheslatura by statute approves the terms and conditions of the bonds. Such

resolution shall take effect only upon its approval by I Maga’håga/Maga’låhi in writing.

(b) The Board shall specify in the bond resolution the denomination or denominations in which the

bonds shall be issued, the interest rate or rates the bonds shall bear or the manner of determining such

interest rate or rates and the frequency with which interest payments shall be made upon them. The Board

may provide in the bond resolution or any subsequent bond resolution that the bonds may:

(1) Bear the same or different dates.

(2) Mature at such time or times not exceeding thirty-five (35) years from their respective dates.

(3) Be paid in certain mediums and at certain places.

(4) Contain terms of redemption with such premiums as may be fixed (but no general revenue

bond may be subject to redemption prior to its fixed maturity date unless such right of redemption is

expressly set forth on the face of the general revenue bond).

(5) Contain terms, covenants and conditions set by the Authority pursuant to § 1209 of this

Article, and be in coupon or registered form.

(c) The bond resolution or another resolution adopted by the Board may authorize the sale of the bonds

at either public or private sale and at a price not less than such price as is set in the resolution authorizing

the sale. If any general revenue bonds are to be sold at public sale, notice of sale with respect thereto shall

be published at least once not less than five (5) days prior to the date of sale in a newspaper of general

circulation in Guam and in a financial newspaper published in any of the cities of New York, Chicago,

Illinois, or San Francisco, California.

(d) Any provision authorized by this Article to be included in a bond resolution may be included in an

indenture or trust agreement authorized by the bond resolution to be executed on behalf of the Authority

and incorporated by reference in the bond resolution in substantially final form.