Guam § 79401 - Issuance of Bonds, Terms and Conditions Generally.

§ 79401. Issuance of Bonds, Terms and Conditions Generally.

(a) The Authority shall have the power to issue bonds, from time to time, in its discretion, for any of

its corporate purposes. The Authority shall also have power to issue refunding bonds for the purpose of

paying or retiring bonds previously issued by it. The Authority may issue refunding bonds for the purpose

of paying or retiring bonds previously issued by it. The Authority may issue such types of bonds as it may

determine, including, without limiting the generality of the foregoing, bonds on which the principal and

interest are payable exclusively from the income and revenues of the Project, or from its revenues generally.

(b) Any such bonds may be additionally secured by a pledge of any loan, grant or contribution, or parts

thereof, from the Federal Government or other sources, or a pledge of any income or revenue of the

Authority, or mortgage of any project, or part thereof, or other property of the Authority.

(c) Neither the Commissioners of the Authority nor any person executing the bonds shall be personally

liable on the bonds by reason of the issuance of the bonds.

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(d) The bonds and their obligations of the Authority shall not be a debt of Guam and in no event shall

such bonds or obligations be payable out of any funds or properties other than those of the Authority, and

they shall not constitute an indebtedness within the meaning of any debt limitation or restriction.

(e) Bonds of the Authority are declared to be issued for an essential public and governmental purpose

and, together with interest thereon and income therefrom, are exempt from all taxes. The provisions of this

Article exempting from taxation the Authority, its Property, and its bonds and interest thereon and income

therefrom, shall be considered part of the security for the repayment of the bonds and shall constitute, by

virtue of this Article and without necessity of being restated in the bonds, a contract between the

bondholders, and each and everyone of them, including all transferees of said bonds from time to time, on

the one hand, and the Authority and Guam on the other.