Guam § 64104 - Economic Development Project Fund.

§ 64104. Economic Development Project Fund.

(a) The Authority shall establish and maintain a special fund called

the "Economic Development Project Fund" into which shall be deposited

such money:

(1) as shall be appropriated by the Legislature for the purpose

of such Fund;

(2) if the Authority so determines in any resolution authorizing

any particular bonds, as shall be received by the Authority from the

sale of such bonds as provided by law;

(3) as shall be received by the Authority from the repayment of

loans made pursuant to this Chapter;

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(4) any other money or funds of the Authority which it

determines to deposit therein. Money at any time in the Economic

Development Project Fund may be used by the Authority for any

purpose of this Chapter, including but not limited to payment of

administrative expenses incurred by the Authority in the perfor-

mance of its duties, subject only to any agreements with the holders

of particular bonds.

(b) The Authority may, in any resolution authorizing the issuance of

bonds, create or authorize the creation within the Economic Develop-

ment Project Fund of special funds to be held in pledge or otherwise for

payment or redemption of such bonds, reserves or other purposes and to

covenant as to use and disposition of the money held in such funds.

(c) Money at any time in the Economic Development Project Fund

may be used to guarantee loans made to project applicants by persons,

provided that the Authority determines that there is a reasonable prospect

for repayment of such loans.

(d) Money at any time in the Economic Development Project Fund

may be invested in any direct obligations of, or obligations as to which

the principal and interest thereof is guaranteed by the United States of

America or such other obligations as the Authority may approve.