Guam § 2 - Terms of 1997 Series A Bonds.

§ 2. Terms of 1997 Series A Bonds.

(A) An initial Series of Bonds to be issued under this

Indenture is hereby created, and such Bonds are designated as the

“Government of Guam Limited Obligation Infrastructure

Improvement Bonds, 1997 Series A.” The aggregate principal

amount of 1997 Series A Bonds which may be issued and

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Outstanding under this Indenture shall not exceed

________________________________Dollars ($___________).

(B) The 1997 Series A Bonds shall be dated as of_______,

1997, and interest thereon shall be payable on each Interest

Payment Date. The 1997 Series A Bonds shall be issued only in

fully registered form in denominations of 15,000 or any integral

multiple thereof, shall mature on the Principal Payment Date in

each of the following years in the following amounts and shall

bear interest at the following rates per annum:

Year Principal Amount Rate Interest

The principal or Redemption Price of the 1997 Series A

Bonds shall be payable in lawful money of the United States of

America upon surrender thereof at the Principal Office of the

Trustee.

The 1997 Series A Bonds of each maturity shall be

designated numerically or alphabetically by the direction of the

Trustee. Each 1997 Series A Bond shall bear interest, computed

on the basis of a 360-day year of twelve 30-day months, from the

interest payment date next preceding the date of registration

thereof unless it is registered as of a day during the period from

the fourteenth day next preceding any interest payment date to

such interest payment date, inclusive, in which event it shall bear

interest from such interest payment date, or unless it is registered

on or prior to ________, in which event it shall bear interest from

its date; provided, however, that if, at the time of registration of

any 1997 Series A Bond, interest is in default on Outstanding

Bonds, such Bond shall bear interest from the date to which

interest has previously been paid or made available for payment

on the Outstanding Bonds. Payment of the interest on any Bond

shall be made to the person whose name appears on the bond

registration books of the Registrar as the registered owner thereof

as of the close of business on the fifteenth day immediately

preceding an interest payment date, whether or not such day is a

Business Day, such interest to be paid by check or draft mailed to

such registered owner at such registered owner’s address as it

appears on such registration books.

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The Bonds shall be subject to redemption as provided in

Article IV.