Guam § 79403 - Powers of Authority with Respect to Bonds or Obligations.

§ 79403. Powers of Authority with Respect to Bonds or Obligations.

In connection with the issuance of bonds or the incurring of obligations, and in order to secure the

payment of such bonds or obligations, the Authority, in addition to its other powers, may:

(a) pledge all or any part of its gross or net rents, fees or revenues, to which its right then exists,

or may thereafter come into existence;

(b) mortgage all or any part of its real or personal property, then owned or thereafter acquired;

(c) covenant against pledging all or any part of its rents, fees and revenues, or against mortgaging

all or any part of its real or personal property, to which its right or title then exists or may thereafter

come into existence or against permitting or suffering any lien on such revenues or property; covenant

with respect to limitations on its right to sell, lease or otherwise dispose of any project or any part

thereof; and covenant as to what other, or additional debts or obligations may be incurred by it;

(d) covenant as to the bonds to be issued and as to the issuance of such bonds in escrow or

otherwise, and as to the use and disposition of the proceeds thereof; provide for the replacement of

lost, destroyed or mutilated bonds; covenant against extending the time of the payment of its bonds or

interest thereon; and to covenant for redemption of the bonds and to provide the term and conditions

thereof;

(e) covenant subject to the limitations contained in this Article, as to the rents and fees to be

charged in the operation of projects, the amount to be raised each year or other period of time by rents,

fees and other revenues, and as to the use and disposition to be made thereof; create or authorize the

creation of special funds for moneys held for construction or operating costs, debt services, reserves

or other purpose, and covenant as to the use and disposition of the moneys held in such funds;

(f) prescribe the procedure, if any, by which the terms of any contract with bondholders may be

amended or abrogated, the amount of bonds the holders of which must consent thereto and the manner

in which such consent may be given;

(g) covenant as to the use, maintenance and replacement of any or all of its real or personal

property, the insurance to be carried thereon, and the use and disposition of insurance moneys;

(h) covenant as to the rights, liabilities, powers and duties arising upon the breach by it of any

covenant, condition or obligation; and covenant and prescribed as to events of default and terms and

conditions upon which any or all of its bonds or obligations shall become or may be declared due

before maturity, and as to the terms and conditions upon which such declaration and its consequences

may be waived;

(i) vest in any obligee of the Authority the right to enforce the payment of the bonds or any

covenants securing or relating to the bonds; vest in an obligee or obligees holding a specified amount

in bonds the right, in the event of a default by the Authority, to take possession of and use, operate and

manage any project or any part thereof or any funds connected therewith, and to collect the rents and

revenues arising therefrom, and to dispose of such moneys in accordance with the agreement of the

Authority with said obligees; provide for the powers and duties of such obligees and limit the liabilities

thereof; and provide the terms and conditions upon which such obligees may enforce any covenant or

rights securing or relating to the bonds; and

(j) exercise all or any part or combination of the powers herein granted; make covenants and do

any and all such acts and things as may be necessary or convenient or desirable in order to secure its

bonds, or in the absolute discretion of the Authority, as will tend to make the bonds more marketable

notwithstanding that such covenants, acts or things may not be enumerated herein.

COL 20240430

CH. 79 HAGÅTÑA RESTORATION AND REDEVELOPMENT ACT