Terms Used In 12 Guam Code Ann. § 1214

  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
All bonds issued under this Article shall be payable solely from and secured solely by the revenue or other security pledged to the payment thereof, and shall not constitute a general obligation of the Government or a charge upon the general fund of Guam, nor shall the full faith and credit of the Government be pledged to the payment of the principal and interest thereof. Each bond issued under this Article shall recite in substance that the issue of which such bond is a part and the interest thereof are payable solely from and secured solely by the revenue or other security pledged to the payment thereof, and that the bond is not a general obligation of the Government and the full faith and credit of the Government are not pledged to the payment of such principal and interest.

SOURCE: GC § 62113, as reenacted by P.L. 16-093 (June 15, 1982.