Guam § 14202 - Definitions.

§ 14202. Definitions.

The following terms, wherever used or referred to in this Article or in any indenture entered into

pursuant hereto (except to the extent modified therein in accordance with this Article), shall have the

following meanings, respectively, unless a different meaning appears from the context:

(a) “Authority” has the meaning given in 12 GCA § 14102.

(b) “Board” has the meaning given in 12 GCA § 14102.

(c) “Bonds” means bonds, notes or other evidences of indebtedness.

(d) “Bondholder” or “holder of bonds” or any similar term means any person who shall be:

(1) the bearer of any outstanding bond or bond registered to bearer or not registered; or

(2) the registered owner of any such outstanding bond or bond which shall at the time be

registered other than to bearer.

(e) “Credit provider” means any municipal bond insurance company, bank or other financial

institution or organization which is performing in all material respects its obligations under any credit

support arrangements for some or all of the bonds.

(f) “Credit provider reimbursement agreement” means any agreement providing for the Authority

to repay, from revenues, amounts advanced by a credit provider as credit support for bonds.

(g) “Credit support” means a policy of insurance, a letter of credit, a stand-by purchase agreement,

revolving credit agreement or other credit arrangement pursuant to which a credit provider provides

credit or liquidity support with respect to the payment of interest, principal or the purchase price of

any bonds.

(h) “Guam Waterworks Authority Act” means Chapter 14 of Title 12 of the Guam Code

Annotated.

(i) “Indenture” means an agreement pursuant to which bonds are issued, regardless of whether

such agreement is expressed in the form of a resolution of the Board or by other instrument.

(j) “Organic Act” means the Organic Act of Guam, as amended, and in effect on the effective

date of this Article (Title 48, § 1421 et seq. of the United States Code).

(k) “Payment agreement” has the meaning given such term in 12 GCA § 14236.

(l) “Person” includes any individual, firm, corporation, association, partnership, trust, business

trust or receiver or trustee or conservator for any thereof, and also includes the United States, Guam

COL 2025-12-23

or any public corporation, political subdivision, city, county or district or any agency or instrumentality

of the United States or of Guam.

(m) “Revenue” means all gross income and other amounts received or receivable by the Authority

as revenues of any kind from the ownership or operation of any part of the system, including all rates,

fees and charges (including ground water, surface water and treated water charges and all wastewater

service charges), received by the Authority for providing water and sewer services, all amounts

received by the Authority pursuant to any payment agreement, and all proceeds of insurance or grants

covering business interruption loss (and related losses and expenses) relating to the system, and all

other income and revenue howsoever derived by the Authority from the ownership or operation of, or

arising from, the system, together with all interest, profits or other income derived from the investment

of amounts in the Guam Waterworks Authority Revenue Fund.

(n) “System” means the water and wastewater systems, now or hereafter existing, owned and/or

operated by the Authority or its contractors, agents or subcontractors.

(o) “System operation and maintenance costs” means such reasonable and necessary current

expenses of the Authority, paid or accrued, for operation, maintenance and repair of the System as

may be determined by the Board, and the term may include at the Board’s option, except as limited by

contract or otherwise limited by law, without limiting the generality of the foregoing:

(1) legal and overhead expenses of the Authority directly related and reasonably allocable to

the administration of the system;

(2) fidelity bond and insurance premiums appertaining to the system or a reasonably

allocable share of a premium of any blanket bond or policy pertaining to the system;

(3) contractual services, professional services, salaries, administrative expenses, and costs

of labor appertaining to system;

(4) the costs incurred in the collection of all or any part of the Revenues; and

(5) any costs of utility services furnished to the system by the Authority or otherwise.

(p) “United States” means the United States of America.