Guam § 22410 - Revenues Pledged.

§ 22410. Revenues Pledged.

All or any part of the revenues from the taxes levied pursuant

to Article 4, Chapter 26, 11 GCA Taxation, and from the license

fees and penalties imposed pursuant to 16 GCA §§ 7136, 7159,

7170, 7171, 3102, 7173 and 11101 may be pledged to secure the

repayment of any debt or debts created under § 22409 of this

Article. Any pledge made to secure bonds shall be subject to

approval by the Legislature by resolution pursuant to § 22409 of

this Article and shall be valid and binding from the time the pledge

is made. The revenues pledged and thereafter received by the

government or any trustee, depositary or custodian shall be

deposited in a separate account and shall be immediately subject

to the lien of such pledge without any physical delivery thereof or

further act, and the lien of any such pledge shall be valid and

binding against all parties having claims of any kind in tort,

contract or otherwise against the government, such trustee,

depositary or custodian, irrespective of whether the parties have

notice thereof. The indenture by which such pledge is created need

not be recorded. All such taxes, fees and penalties, to the extent so

pledged, are hereby continuously appropriated for such purpose.

All capital improvement highway projects to be funded from the

provisions of §§ 22409 and 12410 of this Article must be reviewed

and approved by the Governor prior to their implementation.