12 Guam Code Ann. § 10202
Terms Used In 12 Guam Code Ann. § 10202
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Revolving credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or open-end credit.) Source: OCC
- Trustee: A person or institution holding and administering property in trust.
(a) Authority means the Jose D. Leon Guerrero Commercial
Port, formerly known as/also known as the Port Authority of Guam. (b) Board has the meaning given in 12 Guam Code Ann. § 10101(b).
(c) Bonds means bonds, notes or other evidences of indebtedness, including, but not limited to, direct loans and payment obligations of the Authority under payment agreements and credit provider reimbursement agreements.
(d) Bondholder or holder of bonds or any similar term means any person who shall be:
(1) the bearer of any outstanding bond or bond registered to bearer or not registered; or
(2) the registered owner of any such outstanding bond or bond which shall at the time be registered other than to bearer; or
(3) the direct holder of any bond.
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(e) Credit provider means any municipal bond insurance company, bank or other financial institution or organization which is performing in all material respects its obligations under any credit support arrangements for some or all of the bonds.
(f) Credit provider reimbursement agreement means any agreement providing for the Authority to repay, from revenues, amounts advanced by a credit provider as credit support for bonds.
(g) Credit support means a policy of insurance, a letter of credit, a stand-by purchase agreement, revolving credit agreement or other credit arrangement pursuant to which a credit provider provides credit or liquidity support with respect to the payment of interest, principal or the purchase price of any bonds.
(h) Jose D. Leon Guerrero Commercial Port Act means Article
2 of Chapter 10, Title 12, Guam Code Annotated.
(i) Indenture means an agreement pursuant to which bonds are issued or incurred by the Authority, regardless of whether such agreement is expressed in the form of a resolution of the Board or by other instrument and including, without limitation, indentures of trust, trust agreements, payment agreements and Credit provider reimbursement agreements.
(j) Organic Act means the Organic Act of Guam, as amended, and in effect on the effective date of this Article (48 U.S.C.A. § 1421 et seq.)
(k) Payment agreement has the meaning given such term in 12
GCA § 10236.
(l) Person includes any individual, firm, corporation, association, partnership, trust, business trust or receiver or trustee or conservator for any thereof, and also includes the United States, Guam or any public corporation, political subdivision, city, county or district or any agency or instrumentality of the United States or of Guam.
(m) Revenue means
(1) all gross income and other amounts received or receivable by the Authority as revenues of any kind from the ownership or operation of any part of the system or the
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supplying and furnishing of services and commodities thereof, including
(2) all rates, rentals, tolls, fees and charges assessable and chargeable by the Authority in respect to dockage, wharfage, demurrage and rates appertaining to the system or derived from the rental of all or part of the system or from the sale or rental of any commodities or goods in connection with the system,
(3) all amounts received by the Authority pursuant to any payment agreement, and
(4) all proceeds of insurance or grants covering business interruption loss (and related losses and expenses) relating to the system, and
(5) all other income and revenue howsoever derived by the Authority from the ownership or operation of, or arising from, the system,
(6) together with all interest, profits or other income derived from the investment of amounts in the Jose D. Leon Guerrero Commercial Port Revenue Fund.
(n) System means all works, property and facilities now owned, operated or leased by the Authority, and used by and useful to the Authority for providing a deep water commercial port known as the Jose D. Leon Guerrero Commercial Port, as well as the Civil Port, small boat marinas, and all related facilities of Guam located on Cabras Island, Apra Harbor, Agaña Boat Basin, and all other Government of Guam small boat marinas, comprising all harbor works and facilities of the Authority, including all channels, waterways, basins seawalls, docks, piers, land areas, utilities, warehouses, cargo handling machinery and equipment, tugboats, barges, fire boats and other works, properties, structures or other facilities in or upon or pertaining to the lands, improvements and waters of the Authority used or useful for, or necessary for or incidental to, the development and operation of the Jose D. Leon Guerrero Commercial Port, as well as the Civil Port, small boat marinas, and all related facilities of Guam located on Cabras Island, Apra Harbor, Agaña Boat Basin, and all other Government of Guam small boat marinas, together with all improvements to such works,
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property and facilities or any part thereof hereafter acquired or constructed by the Authority, now or hereafter existing, owned and/or operated by the Authority or its contractors, agents or subcontractors.
(o) System operation and maintenance costs means such reasonable and necessary current expenses of the Authority, paid or accrued, for operation, maintenance and repair of the System as may be determined by the Board, and the term may include, at the Board’s option, except as limited by contract or otherwise limited by law, without limiting the generality of the foregoing, and which shall not include depreciation:
(1) legal and overhead expenses of the Authority directly related and reasonably allocable to the administration of the system;
(2) fidelity bond and insurance premiums appertaining to the system or a reasonably allocable share of a premium of any blanket bond or policy pertaining to the system;
(3) contractual services, professional services, salaries, administrative expenses, and costs of labor appertaining to the system;
(4) the costs incurred in the collection of all or any part of the Revenues; and
(5) any costs of utility services furnished to the system by the Authority or otherwise.
(p) United States means the United States of America.
SOURCE: Added by P.L. 13-087:1 (Oct. 31, 1975) as GC § 14051. Codified as 12
GCA § 10202. Repealed and reenacted by P.L. 34-070:2 (Dec. 7, 2017).
2017 NOTE: Subitem designations were added to adhere to the Compiler’s alpha- numeric scheme, pursuant to the authority granted by 1 Guam Code Ann. § 1606.