Guam § 10203 - Powers of the Board; Incurring Indebtedness.

§ 10203. Powers of the Board; Incurring Indebtedness.

(a) Pursuant to 12 GCA § 50103(k), the Board, through the Guam

Economic Development Authority (GEDA), has the power and is hereby

authorized, in addition to and in amplification of all other powers

conferred upon the Board by the Jose D. Leon Guerrero Commercial Port

Act or any other provision of this Chapter or by any law of Guam or of

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the United States, but subject to the requirements of 12 GCA § 12116, to

exercise any or all of the powers granted to the Board by this Article. The

Board, through the agency of GEDA, with the approval of I Liheslaturan

Guåhan in addition to this Article, may at any time or from time to time

authorize the Authority to incur indebtedness:

(1) pursuant to 12 GCA § 10235; or

(2) by the issuance of bonds to raise funds for the purpose of

acquiring, constructing, improving, equipping, maintaining,

repairing, renewing, replacing, reconstructing or insuring the

system, or any part thereof, or for the purpose of refunding any such

bonds or any other prior obligations of the Authority, for any

purpose authorized by law, or for any combination of such purposes

for which bonds may be issued or incurred and secured as provided

in this Article.

(b) The sale of the bonds shall be approved by the Board of

Directors of GEDA as provided by Chapter 50 of Title 12, Guam Code

Annotated, and the terms and conditions of the issuance of the bonds

shall be approved by the PUC as provided by Chapter 12 of Title 12,

Guam Code Annotated.

(c) It is hereby declared that the system is and shall be a public

improvement or undertaking as that term is used in Section 11 of the

Organic Act of Guam (48 U.S.C.A. § 1423a). All indebtedness issued or

entered into by the Authority pursuant to this Section shall be repayable

only from funds of the Authority available therefor or solely from

revenues of the system and, therefore, will not be and shall not be

deemed to be public indebtedness of Guam as that term is used in

Section 11 of the Organic Act of Guam.