Terms Used In 12 Guam Code Ann. § 1210

  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Statute: A law passed by a legislature.
(a) No special revenue bonds shall be issued unless authorized by the Board in a bond resolution adopted by it. Such resolution shall take effect only upon its approval by the Governor in writing and the Legislature by statute.

(b) The Board shall specify in the bond resolution the denomination or denominations in which the bonds shall be issued, the interest rate or rates the bond shall bear and the frequency with which interest payments shall be made upon them. The Board may provide in the bond resolution or any subsequent bond resolution that the bonds may:

(1) Bear the same or different dates.

(2) Mature at such time or times not exceeding thirty- five (35) years from their respective dates.

(3) Be paid in certain mediums and at certain places.

(4) Contain terms of redemption with such premiums as may be fixed (but no special revenue bonds may be subject to redemption prior to its fixed maturity date unless such right of redemption is expressly set forth on the face of the special revenue bond).

(5) Contain terms, covenants and conditions set by the Board pursuant to § 1211 of this Article, and be in coupon or registered form.

(c) The bonds shall not be sold until the Board shall have adopted a second resolution authorizing the sale. Such resolution shall take effect only upon its approval by the Governor and the Legislature. The sale may be either public or private and shall be at such price as is set in the resolution authorizing the sale. If any special revenue bonds are to be sold at public sale, a notice of sale with respect thereto shall be published at least once not less than five (5) days prior to the date of sale in a newspaper of general circulation in Guam and in a financial newspaper published in any

COL 8/23/2023

12 Guam Code Ann. AUTONOMOUS AGENCIES
CH. 1 ANTONIO B. WON PAT INTERNATIONAL AIRPORT AUTHORITY, GUAM

of the cities of New York, Chicago, Illinois or San Francisco, California.

SOURCE: GC § 62109, as reenacted by P.L. 16-093 (June 15, 1982). Amended by P.L. 21-135:11 (Sept. 24, 1992).

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