Guam § 9105 - Powers.

§ 9105. Powers.

The Bureau shall have and exercise each and all of the

following powers:

(a) To make and use a common seal and to alter the

same at pleasure;

(b) Enter into contracts and execute all instruments

necessary or appropriate in the exercise of any of its

powers;

(c) Sue or be sued in its own corporate name;

(d) Adopt, amend and repeal reasonable by-laws, and

other rules, regulations and directives, pursuant to the

general corporation laws of the Territory of Guam, as may

be necessary for the conduct and administration of its

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activities and the exercise of the powers and performance of

the duties conferred or imposed upon the Bureau or the

Board by this Article;

(e) Adopt such rules and regulations pursuant to the

Administrative Adjudication Act as may be necessary for

the exercise of the powers and performance of the duties

conferred or imposed upon the Bureau or the Board by this

Article;

(f) Acquire, subject to the laws of the Territory of

Guam, by grant, purchase, gift, devise or lease, and hold

and use any real or personal property necessary or

convenient or useful for the carrying on of any of its powers

pursuant to the provisions of this Article;

(g) Establish its internal organization and management;

(h) Sell, rent, exchange or otherwise dispose of,

encumber, improve or remove any property of the Bureau or

any interest therein, and to provide for any services in

connection with any property, real or personal, of the

Bureau subject to the laws of Guam;

(i) Establish reasonable charges for any of its services,

where it deems appropriate and to otherwise provide for a

means of raising funds and revenue, and to determine the

character of and necessity for its obligations and

expenditures and the manner in which they shall be

incurred, allowed and paid;

(j) Associate with like organizations of other states,

territories, nations or regions, or agencies or

instrumentalities thereof, and to enter into contracts and

cooperative agreements with any of same or with any

person, firm association or corporation may be deemed

necessary or appropriate for the conduct of its activities;

(k) Establish and delegate its authority to any

committee or subcommittee of the Board of Directors, and

to determine the composition, duties and powers of any

such committee;

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(l) Form or cause to be formed, promote, aid and

invest, in any reasonable manner within its means and

purposes, in the promotion of any corporation or other firm,

association or entity; and

(m) Do any and all things necessary or appropriate to

carry out and further purposes of this Article, and to have all

other corporate powers provided by law.

(n) Lines of Credit. Arrange a line of credit not to

exceed Six Million Dollars ($6,000,000) with any bank,

banks or commercial lending institutions licensed on Guam,

government of Guam autonomous agency and any other

instrumentality of the government of Guam. All agreement

terms of the line(s) of credit shall be negotiated by the

Guam Visitors Bureau (‘Bureau’) and approved by the

Board in the best interest of the People of Guam. The terms

of any line(s) of credit agreement shall include the

following:

(1) Up to Five Million Three Hundred Thousand

Dollars ($5,300,000) of the line of credit shall be used

by the Bureau to promote Guam to specific segments

of the Japanese market through the following

campaigns in the following amounts: Three Million

Fifty Thousand Dollars ($3,050,000) for the Guam

Wedding Campaign; Seven Hundred Forty-eight

Thousand Dollars ($748,000.00) for the Guam Office

Lady Campaign; Eight Hundred Fifty Thousand

Dollars ($850,000.00) for the Guam Groups

Campaign; and Six Hundred Fifty-two Thousand

Dollars ($652,000.00) for the Guam Family Campaign;

and provided, that the line of credit shall not be used to

finance Bureau operations or capital improvement

projects. The Bureau shall report to I Liheslaturan

Guåhan its monthly budget for use of these incentives

at least five (5) days prior to the beginning of the

month.

(2) Up to Seven Hundred Thousand Dollars

($700,000.00) of the line of credit shall be used by the

Bureau to promote Guam to the Korean market; and

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provided, that the line of credit shall not be used to

finance Bureau operations or capital improvement

projects.

(3) Except for the interest rate per the terms of the

line of credit, no other charge by a lender for opening

the line of credit shall be negotiated by the Finance

Committee of the Bureau Board and approved by the

Board through a resolution.

(4) The interest rate shall be negotiated between

the Finance Committee of the Bureau Board and the

lender, and approved by the Board through a

resolution. Such interest rate shall be computed on a

monthly average and based upon the actual amount

extended to the Bureau.

(5) Interest earned by the lender shall be exempt

from taxation by the government of Guam.

(6) The Bureau, through the approval of the Board

pursuant to § 9113 of Title 12 of the Guam Code

Annotated, shall pledge only Tourist Attraction Fund

revenues as the source of repayment for the line(s) of

credit. The funds necessary for the repayment of the

principal and interest owed to any bank, banks or

commercial lending institutions licensed on Guam,

government of Guam autonomous agency and any

other instrumentality of the government of Guam that

have advanced funds to the Bureau pursuant to a line(s)

of credit established pursuant to this Section, are

appropriated from the Tourist Attraction Fund.

(7) Any money advanced through a line(s) of

credit shall be repaid by September 30, 2007. In no

case shall any amount be refinanced resulting in a

repayment past September 30, 2007.

(8) Funds expended from any line(s) of credit with

any bank, banks or commercial lending institutions

licensed on Guam, government of Guam autonomous

agency and any other instrumentality of the

government of Guam will proportionately decrease the

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authorized amount established to open such line(s) of

credit as established within this Section.

(o) Monetary Valued Handouts. Any visitor-incentive

monetary valued handouts specific to a marketing campaign

of the Guam Visitors Bureau, funded through the Tourist

Attraction Fund or any other public funding source or

legislative appropriation, shall be made available to any

Guam-licensed vendor willing to accept the monetary value

of the handout as payment for goods and services.