Guam § 22804 - Valid and Binding General Obligation; Pledge of

§ 22804. Valid and Binding General Obligation; Pledge of

Revenues.

Any Bonds authorized by this § 22811 shall constitute valid

and binding general obligations of the government of Guam,

which pledges its full faith and credit for the punctual payment of

both principal of and interest on the Bonds. There shall be

collected annually in the same manner and at the same time as

government revenue for other purposes is collected, such sum as

is required to pay the principal of and interest on the Bonds. All

officers charged by law with any duty in the collection of the

revenues of the government of Guam shall do every lawful thing

necessary to collect such sum. In addition, all or part of the

revenues derived by the government of Guam under Section 30 of

the Organic Act of Guam may, if determined by the Governor to

be necessary or desirable, be pledged to secure the repayment of

any Bonds issued under this § 22811 and to pay the costs incurred

in their issuance or administration. Any pledge made to secure the

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Bonds shall be valid and binding for the term of the pledge. The

revenues pledged and thereafter received by the government of

Guam or by any trustee, depository or custodian shall be deposited

in a separate account and shall be immediately subject to the lien

of such pledge without physical delivery thereof or further act, and

the lien of such pledge shall be valid and binding against all parties

having claims of any kind in tort, contract or otherwise against the

government of Guam or against such trustee, depository or

custodian, irrespective of whether the parties have notice thereof.

The certificate or agreement by which such pledge is created need

not be recorded. All such revenues, to the extent so pledged, are

hereby continuously appropriated for such purpose.