12 Guam Code Ann. § 10221
Terms Used In 12 Guam Code Ann. § 10221
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Contract: A legal written agreement that becomes binding when signed.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Statute: A law passed by a legislature.
- Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
- Trustee: A person or institution holding and administering property in trust.
(1) This lien shall arise automatically without the need for any action or authorization by I Maga’låhen Guåhan, the government of Guam, the Authority or any other person or entity.
(2) Such lien shall be valid and binding from the time bonds are issued.
(3) The revenues of the system shall immediately be subject to such lien, and the lien shall automatically attach to the revenues of
COL1312018
12 Guam Code Ann. AUTONOMOUS AGENCIES
CH. 10 PORT AUTHORITY OF GUAM
the system and be effective, binding, and enforceable against the Authority, its successors, assignees, and creditors, and all others asserting rights therein, irrespective of whether those parties have notice of the lien and without the need for any physical delivery, recordation, filing, or further act.
(4) Revenues of the system that are not required to make payments on the bonds shall automatically, and without the need for any further action, be released from such lien and shall be available for appropriation for any other lawful purpose of the government.
(5) The statutory lien described in this Section shall not be subject to Division 9 of Title 13, Guam Code Annotated, or any successor statute.
(b) In addition to the statutory lien provided for in this Section, an indenture may provide that payment of the bonds and the interest thereon shall be secured by a pledge of and lien upon all or a portion of the revenues of the system.
(1) Any such pledge and lien shall be valid and binding from the time the pledge is made without any further act.
(2) The revenues pledged and thereafter received by the Authority or by any trustee, depository or custodian shall be deposited in the Jose D. Leon Guerrero Commercial Port Revenue Fund and shall be immediately subject to the lien of such pledge without any physical delivery thereof or further act, and the lien of such pledge shall be valid and binding against all parties having claims of any kind in tort, contract or otherwise against the Authority or such trustee, depository or custodian, irrespective of whether the parties have notice thereof.
(3) The pledge shall not be subject to Division 9 of Title 13, Guam Code Annotated, or any successor statute.
(4) The indenture by which such pledge is created need not be recorded.
SOURCE: Added by P.L. 13-087:1 (Oct. 31, 1975) as GC § 14070. Codified as
12 Guam Code Ann. § 10221. Repealed and reenacted by P.L. 34-070:2 (Dec. 7, 2017).
2017 NOTE: This provision was originally enacted as Same: Sale of, which was reenacted by P.L. 34-070:2 (Dec. 7, 2017) as 12 Guam Code Ann. § 10218, Sale of Bonds.
Subsection/subitem designations added pursuant to the authority of 1 Guam Code Ann. § 1606.
COL1312018
12 Guam Code Ann. AUTONOMOUS AGENCIES
CH. 10 PORT AUTHORITY OF GUAM