Guam § 79402 - Maturity of Bonds; Interest; Sale; Validity; Actions Involving Bonds.

§ 79402. Maturity of Bonds; Interest; Sale; Validity; Actions Involving Bonds.

(a) Bonds of the Authority shall be authorized by its resolution, may be issued in one (1) or more series

and shall be offered, awarded and executed in such manner, bear such date or dates, mature at such time or

times, bear interest at such rate or rates, not exceeding the most recently published rate at which the U.S.

Department of Treasury sells its treasury bills per annum, be in such denomination or denominations, be in

such form, bearer, order, coupon or registered, carry such conversion or registration privileges, have such

rank or priority, be payable in such medium of payment, at such place or places, and be subject to such

terms of redemption, with or without premium, as such resolution of the Authority, trust indenture or

mortgage may provide, and shall be fully negotiable.

(b) The bonds may be sold at a public or private sale at not less than par.

(c) In case any of the Commissioners or officers of the Authority whose signatures appear on any

bonds or coupons shall cease to be such Commissioners or officers before the delivery of the bonds, their

signatures shall, nevertheless, be valid and sufficient for all purposes, the same as if the Commissioners or

officers had remained in office until such delivery.

(d) In any suit, action or proceeding involving the validity or enforceability of any bond of the

Authority or the security therefor, any such bond reciting in substance that it has been issued by the

Authority to aid in financing a project as defined in this Article, shall be conclusively deemed to have been

issued for such purpose, and the project shall be conclusively deemed to have been planned, located and

carried out in accordance with the purposes and provisions of this Article.

(e) [No text]

(1) When the Authority sells bonds at a private sale, no person standing in a fiduciary relationship

with the Authority shall purchase any of the bonds.

(2) As used in this Subsection, “person” means a natural person, corporation, partnership, trust or

the employer of a natural person.

(3) If the provisions of this Subsection are violated, then the sale of the bonds to the violating

person shall be deemed null and void ab initio.