Guam § 60907 - New DLM Construction Building.

§ 60907. New DLM Construction Building.

(a) The Department of Land Management is hereby

authorized to provide for the design, construction and collateral

equipment of a new public facility by entering into a financing

arrangement with the U.S. Department of Agriculture, or other

financing source, with lower cost of funds, not to exceed Fifteen

Million Seven Hundred-fifty Thousand Dollars ($15,750,000), for

a term not to exceed forty (40) years.

(b) Any financial arrangement to provide for the design,

construction and collateral equipment of the Land Resources

Building shall be subject to the approval of the secured creditor of

the Department of Land Management. The Director of Land

Management without jeopardizing existing obligations, is

authorized to use a portion of its Land Survey Revolving Fund,

which shall be deposited into the DLM Building Construction

Fund to make repayment and assure that its loan installments are

paid on time; for emergency maintenance; for extensions to

facilities; and for replacement of short-lived assets with a useful

life significantly less than the repayment period of any loan or the

term, or any other financial arrangement.

(c) Any monies reimbursed for expenses incurred on the

design and construction of the Land Resources Building shall

revert to the DLM Building Construction Fund.

(d) I Liheslaturan Guåhan encourages the Department of

Land Management to explore and identify any and all potential

financing sources or grants, including, but not limited to, any

Federal government instrumentalities or private financial lending

sources, and the Chamorro Land Trust Commission, the Ancestral

Lands Commission and the Hagåtña Restoration and

Redevelopment Authority for construction of the Land Resources

Building.

(e) Interest derived from the financial agreement shall be

exempt from taxation by the Government.

(f) Notwithstanding any substantive or procedural provision

of Chapter 6 of Title 5 of the Guam Code Annotated, the

government of Guam hereby waives immunity from any suit or

action in contract on the loan, but does not waive sovereign

immunity as to personal liability of elected or appointed officials

and employees of the government of Guam.