Guam § 8241 - Short Term Borrowing.
Full text of Guam Guam Code Annotated § 8241 — Short Term Borrowing., with citation guidance and answers to common questions.
§ 8241. Short Term Borrowing.
The Board may at any time or from time to time, by resolution adopted by a majority of all the members
of the Board and approved by I Maga’håga/Maga’låhi, incur indebtedness for any lawful purpose for any
period not exceeding five (5) years evidenced by contract with any person or by one or more promissory
notes executed as provided in § 8217 (relating to bonds) and delivered to any person. Any such indebtedness
shall be incurred subject and subordinate to any contractual obligation of the Board to the holders of any
bonds and the principal thereof and interest thereon may be repaid:
(a) form revenues; or
(b) if incurred for a purpose for which bonds may be issued, from revenues or from the proceeds
of sale of bonds.
Frequently Asked Questions About Guam § 8241
What does Guam Code Annotated § 8241 cover?
Section 8241 ("Short Term Borrowing.") is part of the Guam Code Annotated, the codified statutory law of Guam. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Guam § 8241?
A common citation format is "Guam Code Annotated § 8241" (Guam). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Guam law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Guam official source linked on this page or consult a licensed Guam attorney.
How does Guam § 8241 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Guam can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Guam.