Guam § 5128 - Exemption of Authority’s Property From Execution, Liens

§ 5128. Exemption of Authority’s Property From Execution, Liens

or Taxes; Payments in Lieu of Taxes.

(a) All property, including funds of the Authority, shall be exempt

from judicial process of every kind, including, without limitation,

attachment, levy, execution and sale by virtue of an execution, and no

judgment shall be a lien or charge upon its property or funds; provided,

that the provisions of such section shall not apply to or limit the rights or

obligees of the Authority to foreclose or otherwise enforce and mortgage

or other security of the Authority or to pursue any remedies for the

enforcement of any lien or pledge given by the Authority upon its rents,

fees or revenues, or to the rights of the Federal Government to pursue

any remedies conferred upon it by federal law, any contract or the

provisions of this Article.

(b) The property of the Authority, acquired or held for the purposes

of this Article, is declared to be public property used for essential public

and governmental purposes, and such property, and the Authority, are

exempt from all taxes and special assessments of the government of

Guam; provided, that with respect to any property acquired or held for

the purposes of urban renewal, such tax exemption shall terminate when

the Authority sells, leases or otherwise disposes of such property in an

urban renewal area to a purchaser or lessee which is not entitled to tax

exemption with respect to such property.

(c) In lieu of taxes on its housing projects, the Authority may agree

to make such payments to the government of Guam, or to any agency or

instrumentality as may be designated by the government of Guam, as it

finds consistent, from time to time, with the maintenance of the low-rent

character of housing projects, the obligations of the Authority, and the

achievement of the purposes of this Article.

(d) In lieu of taxes on real property in an urban renewal area

acquired and owned by the Authority as part of an urban renewal project,

the Authority may agree, from time to time and with respect to any

taxable year, to make to the government of Guam such payments in lieu

of taxes as are consistent with the achievement of the purposes of this

Article.