Guam § 68118 - Refunding Bonds or Notes.

§ 68118. Refunding Bonds or Notes.

The Board is hereby authorized to provide pursuant to an indenture

for the issuance of refunding bonds or notes for the purpose of refunding

any bonds, notes or other forms of indebtedness then outstanding which

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shall have been issued by a nonprofit or public agency for any purpose

for which bonds or notes may be issued pursuant to this Chapter,

including the payment of any redemption premium thereon and any

interest accrued or to accrue to the date of redemption of such bonds,

notes or other forms of indebtedness and, if deemed advisable by the

Board, for any corporate purpose of the Board, including, without limita-

tion:

(1) Constructing improvements, additions, extensions or

enlargements of the hospital facilities in connection with which the

bonds, notes or other forms of indebtedness to be refunded shall

have been issued; and

(2) Paying all or any part of the cost of any additional hospital

facilities.

The issuance of such bonds or notes, the maturities and other details

thereof, the rights of the holders thereof, and the rights, duties and

obligations of the Board in respect of the same shall be governed by the

provisions of this Chapter which relate to the issuance of bonds or notes,

insofar as such provisions may be appropriate therefor.

Refunding bonds or notes may be sold or exchanged for such

outstanding bonds, notes or other forms of indebtedness and, if sold, the

proceeds thereof may be applied, in addition to any other authorized

purposes, to the purchase, redemption or payment of such outstanding

bonds, notes or other forms of indebtedness. Pending the application of

the proceeds of any such refunding bonds or notes, with any other

available funds, to the payment of the principal, accrued interest and any

redemption premium on the bonds, notes or other forms of indebtedness

being refunded, and, if so provided or permitted in the indenture securing

and authorizing the issuance of such bonds or notes, to the payment of

any interest on such refunding bonds, notes or other forms of

indebtedness and any expenses in connection with such refunding, such

proceeds may be invested in such securities and subject to such

limitations as are specified in the indenture.