Guam § 66103 - Powers of the Board; Incurring Indebtedness and Issuing

§ 66103. Powers of the Board; Incurring Indebtedness and Issuing

Bonds; Special Obligations and Not Indebtedness; Pledge, Lien,

Priority and Trust Fund.

(a) The Board has power and is hereby authorized, in addition to all

other powers conferred upon it by law to exercise any or all of the

powers granted to the Board by this Chapter. The Board may incur

indebtedness and issue bonds to represent same for the purposes of and

within the limitations provided in this Chapter.

(b) All indebtedness incurred and bonds issued by the Board are

special obligations of the Authority, and are secured by a pledge of and

charge upon and shall be payable, as to the principal thereof, interest

thereon, and any premiums upon the redemption of any thereof, solely

from and secured by a lien upon the revenues and such other funds as are

described in the indenture.

(c) The indenture may provide that the bonds are secured by a

pledge upon the gross revenues or the net revenues, for the making of

other funds available therefor, and for the priority of the bonds. Nothing

herein or in an indenture shall prevent the issuance of bonds subordinate

to the lien of other bonds specified in an indenture.

(d) The revenues and other funds provided in the indenture shall

constitute a trust fund for the security and payment of the bonds and the

interest and premiums thereon.