Guam § 3 - Application of Proceeds of 1997 Series A Bonds and

§ 3. Application of Proceeds of 1997 Series A Bonds and

Other Amounts.

The proceeds received from the issuance of the 1997 Series

A Bonds shall be deposited in trust with the Trustee, who shall

forthwith (1) transfer $________of such proceeds to First

Hawaiian Bank, as Trustee for the Government of Guam Limited

Obligation Infrastructure Improvement Bonds, 1989 Series A (the

Series 1989 Bonds), to be held for payment and discharge of the

Series 1989 Bonds; (2) transfer $__________ of such proceeds to

Bank of Hawaii, to repay the loan (the “Bank Loan”) made by

such bank to the Government pursuant to that certain Loan

COL4/6/2022

Agreement dated as of June ____, 1997, relating to the Bank Loan,

and (3) set aside the balance of such proceeds in the following

respective funds and amounts and in the following order of

priority:

(A) in the Bond Fund, $_______, representing the amount of

interest accrued to the date of delivery of the 1997 Series A Bonds;

(B) in the Bond Reserve Fund ,$_____, representing a

portion of the amount required to establish the amount in the Bond

Reserve Fund at the Bond Reserve Fund Requirement; and

(C) in the Construction Fund held by the Depositary, the

balance of said proceeds.

In addition, the Trustee shall deposit, from transferred

proceeds of the Series 1989 Bonds and the Bank Loan, the

following amounts in the following respective funds:

(i) in the Bond Reserve Fund, $ ______, representing

the amount required to increase the amount in the Bond

Reserve Fund to the Bond Reserve Fund Requirement; and

(ii) in the Construction Fund the balance of such

transferred proceeds.