Guam § 4106 - Appointment of Trustee: Provision of Indenture or

§ 4106. Appointment of Trustee: Provision of Indenture or

Resolution.

(a) The Housing Corporation may appoint a bank or trust

company to act as trustee for the Board and the holders of the

bonds issued hereunder, and the Board may authorize the trustee

to act on behalf of the holders of the bonds, or a stated

percentage thereof, and to exercise and prosecute on behalf of

the holders of the bonds such rights and remedies as may be

available to the holders.

(b) The indenture or resolution pursuant to which any bonds

are issued may provide for

(1) the deposit of all revenues with the trustee and for

the holding thereof by the trustee in one or more separate

funds or accounts, and

(2) the transfer to such trustee of such portions of

revenues as are provided as security for the bonds and for

the holding thereof by such trustee in one (1) or more

separate funds or accounts.

All money in each such fund or account shall be disbursed only

as provided in the indenture or resolution pursuant to which the

bonds are issued.

(c) Any indenture or resolution pursuant to which bonds of

the Housing Corporation are issued may provide for any or all of

the following:

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(1) the payment of the principal and interest of the

bonds at one (1) or more places in the Territory or in the

United States and in any specified coin or currency of the

United States;

(2) the pledge and assignment of all or any portion of

the revenues or other property of the Housing Corporation,

including, without limitation, mortgage loans and

mortgage-backed securities, to secure the payment of the

bonds, subject to existing agreements with holders;

(3) reserves or sinking funds in the hands of trustees,

paying agents and other depositories and the regulation and

disposition thereof;

(4) limitations on the purpose to which the proceeds of

sale of bonds may be applied;

(5) limitations on the issuance of additional bonds, the

terms upon which additional bonds may be issued and

secured and the refunding of outstanding bonds;

(6) the procedure, if any, by which the terms of any

contract with the holders of bonds may be amended or

abrogated, the amount of bonds the holders of which must

consent thereto, and the manner in which such consent may

be given;

(7) vesting in a trustee property, rights, powers and

duties in trust as the Housing Corporation determines;

(8) the specification of the acts or omissions to act

which shall constitute a default in the obligations and duties

of the Housing Corporation to the holders of the bonds and

providing for the rights and remedies of the holders, and

any limitations on such rights and remedies, in the event of

such default; and

(9) any other matters of like or different character

which in any way affect the security or protection of the

holders of the bonds or the rights of the Housing

Corporation.

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(d) Bonds of the Housing Corporation issued pursuant to

this Chapter shall:

(1) bear such date,

(2) mature at such times,

(3) bear interest at such fixed or variable rates,

(4) be sold at public or private sale at such prices above

or below par,

(5) be in such denominations,

(6) be in such form,

(7) carry such registration privileges,

(8) be executed in such manner and

(9) be subject to such terms of redemption as provided

in the indenture or resolution authorizing their issuance.