Guam § 90 - Pledge or Reservation of Revenues.

§ 90. Pledge or Reservation of Revenues.

(a) Rental payments under the lease and the lease-back may

be secured by a pledge or other reservation of revenues collected

by the Government of Guam from the following:

(1) The sum of no more than Five Million Dollars

($5,000,000) from the revenues received pursuant to 11 GCA

Chapter 42, Earned Income Tax Credit will be available for

Fiscal Year 2022 only.

(2) The sum of no more than Five Million Dollars

($5,000,000) from the General Fund shall be appropriated

annually thereafter.

(3) The Governor of Guam may use federal funds that

are made available to the Government of Guam by the United

States Federal Government for the financing, design,

construction, and maintenance of the new Department of

Corrections facility.

(4) The use of other financing options is authorized for

the purpose of this Act, including, but not limited to, loans,

grants, bond financing, and other alternate funding options,

subject to legislative approval.

(b) Any amounts reserved or pledged as provided in this

Section shall be subject to annual appropriations for the purpose

of making lease-back payments. The revenues pledged or reserved

and thereafter received by the Government of Guam or by any

trustee, depository, or custodian shall be deposited in a separate

account and shall be immediately subject to such reservation or

the lien of such pledge without any physical delivery thereof or

further action, and such reservation or the lien of such pledge shall

COL11/30/2021

9 GCA CRIMES & CORRECTIONS

be valid and binding against all parties having claims of any kind

in tort, contract or otherwise against the Government of Guam or

such trustee, depository or custodian, irrespective of whether the

parties have notice thereof. The instrument by which such pledge

or reservation is created need be recorded.

2021 NOTE: Subsection designation added pursuant to authority granted

by 1 GCA § 1606.