Guam § 64102 - Definitions.

§ 64102. Definitions.

As used in this Chapter or in any indenture entered into pursuant

thereto, unless a different meaning clearly appears from the context:

(a) Authority means the Guam Economic Development

Authority, created by P.L. 8-80, as amended, Eighth Guam Legisla-

ture.

(b) Board means the Board of Directors of the Guam Economic

Development Authority.

COL120106

(c) Governor means te Governor of Guam.

(d) Legislature means the Legislature of Guam.

(e) Bonds or Project Revenue Bonds means bonds or other

obligations, including loan agreements, notes, pass-through

certificates, installment bonds, short-term obligations, commercial

papers and such other obligations evidencing debt of the Authority,

issued by the Authority pursuant to this Chapter.

(f) Persons means any person, including individuals, firms,

partnerships, associations, societies, trusts, public or private

corporations or other legal entities, including public or governmen-

tal bodies as well as natural persons. "Person" shall include the

plural as well as the singular.

(g) Cost means:

(1) the cost of acquisition, construction, reconstruction,

repair, alteration, improvement and extension of any building,

structure, facility, including water transmission facilities or

other improvements and the cost of the purchase or acquisition

of any obligations referred to in the last sentence of paragraph

(h) of this Section;

(2) the cost of machinery and equipment, the cost of

acquisition, construction, reconstruction, repair, alteration,

improvement and extension of pollution control devices,

equipment or facilities;

(3) the cost of lands, rights-in-lands, easements, privi-

leges, agreements, franchises, utility extensions, disposal

facilities, access roads and site development deemed by the

Authority to be necessary or useful and convenient for any

project or in connection therewith;

(4) discount on bonds, costs of issuance of bonds,

engineering and inspection costs, costs of financial, legal,

professional and other estimates and advice;

(5) organization, administrative, insurance, guarantee,

operating and other expenses of the Authority or any person

prior to and during any acquisition or construction, and all such

expenses of the authority or any person prior to and during any

acquisition or construction, and all such expenses as may be

COL120106

necessary or incident to the financing, acquisition, construction

or completion of any project or part thereof; and

(6) such provision for payment or security of principal of

or interest on bonds (including reserve for such purposes)

during or after such acquisition or construction as the Authority

may determine.

(h) Project means:

(1)(a) acquisition, construction, reconstruction,

repair, alteration, improvement and extension of any

building, structure, facility or other improvements,

whether or not in existence or under construction;

(b) purchase and installation of equipment and

machinery;

(c) acquisition and improvement of real estate and the

extension or provision of utilities, access roads and other

appurtenant facilities; and

(2)(a) acquisition, financing or refinancing of

inventory, raw materials, supplies, work in process or

stock in trade; or

(b) financing, refinancing or consolidation of secured

or unsecured debt, borrowings or obligations; or

(c) provision of financing for any other expense

incurred in the ordinary course of business; all of which

are to be used or occupied by any person in any enterprise

promoting employment, either for the manufacturing,

processing or assembly of materials or products, or for

research or office purposes, including but not limited to,

medical and other professional facilities or for industrial,

recreational, hotel or motel facilities, public utility and

warehousing, or for commercial and service purposes,

including but not limited to, retail outlets, retail shopping

centers, restaurant and retail food outlets, and any and all

other employment promoting enterprises including but not

limited to, motion picture and television studios and

facilities; and

COL120106

(d) acquisition of any equity interest in, including

capital stock of any corporation; or any combination of the

above, which the Authority determines will:

(i) tend to maintain or provide gainful em-

ployment opportunities within and for the people of

the Territory, or

(ii) aid, assist and encourage the economic

development and redevelopment of the Territory, or

(iii) maintain or increase the tax base of the

Territory, or

(iv) maintain or diversify and expand

employment promoting enterprises within the

Territory.

(3) Project also means the purchase or other acquisition of

United States Government obligations, or such other

obligations as the Authority may approve, producing a yield in

excess of the interest on the Bonds issued to pay the cost of

such obligations.

(4) Project also means provision of financing for any

expense incurred in the ordinary course of business, or in the

acquisition of an equity interest in any corporation by private

contractors conducting water production and distribution, or

wastewater operations, jointly with the Guam Waterworks

Authority.

(5) Project also means provision of financing for any

expense incurred in the ordinary course of business by a Base

Operating Service Contractor, or a Subcontractor, at any

military base on Guam.

(i) Revenue means:

(1) receipts, fees, rentals or other payments to be received

on account of lease, mortgage conditional sale or sale, and

payments and other income derived from the lease, sale or

other disposition of a project;

(2) money in such reserve and insurance funds or accounts

or other funds and accounts (and income from the investment

COL120106

thereof) established in connection with the issuance of bonds or

notes for a project or projects; and

(3) fees, charges or other money to be received by the

Authority with respect to projects and contracts with persons.

(j) Territory means the territory of Guam.