Guam § 30107 - to the contrary, such sums as will equal in each year the

§ 30107. to the contrary, such sums as will equal in each year the

amount of money necessary to pay the principal of and interest on

such loan.

(d) Waiver of Immunity. Notwithstanding any substantive or

procedural provisions of Chapter 6 of Title 5, Guam Code

Annotated, the government of Guam waives immunity from any

suit or action in contract on the loan but does not waive sovereign

immunity as to the personal liability of elected officials and

employees of the government of Guam.

(e) Form of Loan; Covenants. The technical form and

language of the loan, including provisions for execution,

exchange, transfer, negotiability, cancellation or other terms or

conditions not inconsistent with this Section, shall be as specified

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in the loan agreement executed by the Governor evidencing the

loan. The Governor is also authorized to execute, on behalf of the

government of Guam, any appropriate agreements or other

instruments relating to the loan.

(f) Bond Issue Rollover. The language of the loan agreement

shall include provisions to permit the loan to be rolled over into a

bond issue supported by the Tourist Attraction Fund. The

Governor is urged to obtain a repayment schedule that will

provide for interest-only payments until the loan is so rolled over.

(g) Use of Loan Proceeds. The proceeds from the loan shall

be used solely to implement and equip the capital projects

enumerated herein and to pay expenses relating to the arrangement

of the loan. The capital projects to be implemented and equipped

with the proceeds of the loan authorized by this Section are as

follows:

Allocated

Capital Projects

Amounts

(1) For Tumon Fafai

Reversion Project,

(A) For the acquisition and

construction of the Gun

Beach – Fafai Wastewater

System $8,400,000

(B) For design and

construction of the Tumon

Pump Station and Force

main $3,600,000

(C) For the refurbishment

of the Northern District

Sewage Treatment Plant $1,800,000

(D) For the refurbishment

of the Agana Sewage

Treatment Plant $2,000,000

(2) For Oka Point Collector

System Project

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(A) For design and

construction of the Oka

Point collector lines $2,000,000

(3) For Tumon Water Lines

(A) For design and

construction of waterlines $4,200,000

(4) For Tumon Water Sources

(A) For drilling and

construction $5,800,000

(5) Tumon Bay Beautification

(A) Streets & Sidewalks

for medians, crosswalks

and intersections, beach

access, sidewalks and

curbs, street furniture for

benches, trash containers,

signage, shelters, street

lights and traffic lighting,

enhancements for

Governor Flores and

Matapang Beach Parks $7,200,000

(B) Landscaping for

medians, road edge strips,

entry points from San

Vitores Boulevard to beach

access $3,900,000

(C) Services

undergrounding for ocean

side power lines and

cables, clutter, removal of

guy wires, and signage

consolidations $4,500,000

(D) Design and

management fees for

$1,600,000

design development,

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construction

documentation, permitting,

and construction

management

(E) Allowances for

roadway repairs and

restoration, resurfacing of

San Vitores Boulevard,

off-site infrastructure

work, and related work $5,000,000

(F) Of the approximately

ten percent (10%) savings

anticipated in carrying out

the foregoing projects

because of various

duplications, Three Million

Five Hundred Thousand

Dollars ($3,500,000) are

set aside for

constructing the Tumon

Bay Storm Drainage

System.

(G) Construction of the San

Vitores substation and

transmission lines by the

Guam Power Authority in

the Tumon Bay area. $5,900,000

(h) Selection of Bank. In view of the urgency for the

arrangement of the loan pursuant to this Section, subject to terms

and conditions as outlined in this Act, the Governor is hereby

authorized to utilize such method as he deems appropriate for the

selection of the bank or banks in connection with the arrangement

of the loan.

(i) Approval of GEDA. Section 2103(k) of Title 12, Guam

Code Annotated, provides that agencies and instrumentalities of

the government of Guam shall issue obligations only by means of

and through the agency of the Guam Economic Development

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Authority (“GEDA”), and that GEDA shall not sell any obligation

without the approval of the legislature of the terms and conditions

of the issuance of the obligations. In view of the urgency for the

arrangement of the loan pursuant to this Section, the original direct

loan authorized hereunder is exempted from the requirement of

said Section 2103(k), but on the rollover of such loan into a bond

issue the section will fully apply.

(j) Approval of the Legislature. This Legislature, pursuant to

this section and pursuant to subsection 2103(k), Title 12, Guam

Code Annotated, hereby approves the loan of the government of

Guam in the principal amount not to exceed Fifty-Two Million

Nine Hundred Dollars ($52,900,000) as authorized by this Act;

provided, that the terms of the loan are not inconsistent with this

Act.

2012 NOTE: In maintaining the general codification scheme of the GCA

the Compiler changed the hierarchy of subsections beginning with

“Lowercase Roman Numerals” to “Numbers” in subsection (b) and

subsections beginning with “Numbers” to “Uppercase Letters” in

subsection (g).