Guam § 3 - Establishment and Application of Construction Fund.

§ 3. Establishment and Application of Construction Fund.

(A) The Depositary shall establish and maintain and hold in

trust a separate fund designated as the “Construction Fund.”

Amounts in the Construction Fund shall be used and withdrawn,

as provided in THIS Section, solely for (1) the purpose of

implementing Infrastructure Improvement projects pursuant to the

Act, and (2) the payment of Costs of Issuance and premium or fees

of any Credit Provider and fees and expenses of counsel to any

Credit Provider. The Depositary shall disburse moneys in the

Construction Fund for the purposes of clauses (1) and (2) of the

preceding sentence only upon Requisition of the Government

stating the person to whom payment is to be made, the amount to

be paid, the purpose for which the obligation was incurred and that

such payment is a proper and lawful charge against said fund.

Upon receipt of a Certificate of the Government that amounts in

said fund are no longer required for the purpose of said fund, said

amounts shall be transferred to the Revenue Fund.

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(B) The Government may provide in the Supplemental

Indenture providing for the issuance of an additional Series of

Bond (1) that the unused proceeds of such additional Series as of

a date specified by such Supplemental Indenture shall be used to

redeem the Bonds of such Series, or (2) that the proceeds of such

additional Series shall otherwise be limited as to use or

application.