Guam § 10229 - Pledge by the Government of Guam.

§ 10229. Pledge by the Government of Guam.

The government of Guam is fully committed to ensuring that the

Authority has the ability to implement the capital improvements

authorized to be financed by this legislation. The government also is

fully committed to ensuring that bondholders are protected to ensure full

and timely repayments of their bonds. The government of Guam hereby

pledges that while any bonds of the Authority issued under this Article

remain outstanding and not fully performed or discharged:

(a) to maintain the rights, powers and duties of the Board and

the Guam Public Utilities Commission, or their respective

successors in accordance with law, to fulfill the terms of any

agreements made with bondholders in accordance with this Article;

(b) to maintain the rights and remedies of bondholders

provided in this Article and any indenture;

(c) to protect the exclusive right of the Authority to operate or

maintain within Guam any system operated by the government or its

designees by preventing the acquisition, operation, maintenance or

permitting of any instrumentality of the Government or any other

public or private agency, entity or person to operate a separate and

competitive system; and

(d) not to transfer any additional non-system operating

responsibilities or other unfunded mandates to the Authority without

providing for the payment of the costs of such additional

responsibilities, with the exception of annual supplemental annuity

and COLA contributions paid by the Authority on behalf of retired

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employees of the Authority (or its lawful predecessors) as may be

required by the laws of Guam; and with the exception that the

Authority shall collaborate fully, including, but not limited to, with

the Guam Customs and Quarantine Agency and other local law

enforcement and regulatory agencies to facilitate the inspection and

prevention of illegal entry into Guam of potentially unlawful

immigrants or items or invasive species, by or through any works,

property, and facilities owned, operated, or leased by the Authority,

and to facilitate the protection of coral, wildlife and biodiversity in

Apra Harbor.