Guam § 1224 - Other Indebtedness Authorized.
Full text of Guam Guam Code Annotated § 1224 — Other Indebtedness Authorized., with citation guidance and answers to common questions.
§ 1224. Other Indebtedness Authorized.
The Board may at any time, or from time to time, by resolution adopted by a majority of all the
members of the Board and approved by I Maga’håga/Maga’låhi, incur indebtedness for any lawful purpose
for any period not exceeding five (5) years evidenced by a contract with any person or by one or more
promissory notes executed as provided in this Article and delivered to any person. Any such indebtedness
incurred shall be subject and subordinate to any contractual obligations of the Authority to the holders of
any bonds and the principal thereof and interest thereon may be repaid either from revenue or, if incurred
for a purpose for which bonus may be issued, from revenue or from the proceeds of sale of bonds.
Frequently Asked Questions About Guam § 1224
What does Guam Code Annotated § 1224 cover?
Section 1224 ("Other Indebtedness Authorized.") 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 § 1224?
A common citation format is "Guam Code Annotated § 1224" (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 § 1224 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.