Guam § 14229 - Pledge by the Government of Guam.

§ 14229. 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 paid by this legislation in order to meet the needs of Guam

ratepayers for reliable and affordable services. The government also is fully committed to ensuring that

bondholders are protected to ensure full and timely repayments of their loans. In order to mirror the previous

pledge that allowed Guam Power Authority to successfully re-enter the financial markets as found in 12

GCA § 8113.3, and to model similar language found in laws authorizing debt for the Antonio B. Won Pat

International Airport Authority, Guam, 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 water

or wastewater 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 water and/or wastewater 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 employees of the Authority (or its lawful predecessors) as may be

required by the laws of Guam.