Guam § 64106 - Bonds; Issuance; Authorization by Resolution; Terms.

§ 64106. Bonds; Issuance; Authorization by Resolution; Terms.

(a) By resolution approved by the Governor, the Authority shall

have the power to incur indebtedness, borrow money and issue its bonds

COL120106

for the purposes stated in § 64105 of this Chapter. Except as may

otherwise be expressly provided by the Authority, every issue of its

bonds shall be special obligations of the Authority payable solely from

the revenues or money of the Authority specified in the resolution

providing for its issuance, subject only to any agreement with the holders

of particular bonds pledging any particular revenues or money. Such

bonds shall bear such date or dates, mature at such time or times, bear

interest at a rate or rates, be in such denominations, be in form, either

coupon or registered, carry such conversion or registration privileges,

have such rank or priority be executed in such manner, payable from

such source and have such terms of redemption (with or without

premium) as such resolution may provide. Bonds of the Authority may

be sold by the Authority to public or private sale at such price or prices

and under such conditions and terms as the Authority shall determine.

(b) Every bond shall recite that it is not a general indebtedness of

the Authority, but rather is a special obligation of the Authority payable

solely from the revenues specified in the Resolution providing for its

issuance. Every bond shall recite that it is not public indebtedness of the

Territory as that term is used in §11 of the Organic Act of Guam.