Guam § 8245 - Approval of Financial Agreements or Arrangements.

§ 8245. Approval of Financial Agreements or Arrangements.

Any financial agreement or arrangement between GPA and any bank, private banking firm, brokerage

firm, bond brokerage firm, or similar financial institutions, which uses, pledges, or arbitrages any GPA

revenue, trust funds, debt service payment deposits with trustees, bond proceeds, or interests on any of

these, not specifically authorized by existing statute authorizing the issuance or refinancing of bonds, shall

require legislative approval, and any income generated from such financial agreement and arrangement

may be directed toward decreasing residential ratepayer rates; provided, however, that the pledge of GPA

revenue to secure the payment of GPA’s revenue bonds and the direct investment by the bond trustees of

GPA moneys in obligations permitted by the GPA’s bond indenture are hereby specifically approved and

are not subject to further legislative approval.