12 Guam Code Ann. § 14202
Terms Used In 12 Guam Code Ann. § 14202
- 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”” has the meaning given in 12 Guam Code Ann. § 14102.
(b) “”Board”” has the meaning given in 12 Guam Code Ann. § 14102. (c) “”Bonds”” means bonds, notes or other evidences of
indebtedness.
(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.
(e)””Credit provider”” means any municipal bond insurance company, bank or other financial institution or organization which is performing in all material respects itsobligations 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) “”Guam Waterworks Authority Act”” means Chapter
14 of Title 12 of the Guam Code Annotated.
(i) “”Indenture”” means an agreement pursuant to which bonds are issued, regardless of whether such agreement is expressed in the form of a resolution of the Board or by other instrument.
(j) “”Organic Act”” means the Organic Act of Guam, as amended, and in effect on the effective date of this Article (Title 48, § 1421 et seq. of the United States Code).
(k) “”Payment agreement”” has the meaning given such term in 12 Guam Code Ann. § 14236.
(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 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, including all rates, fees and charges (including ground water, surface water and treated water charges and all wastewater service charges), received by the Authority for providing water and sewer services, all amounts received by
the Authority pursuant to any payment agreement, and all proceeds of insurance or grants covering business interruption loss (and related losses and expenses) relating to the system, and all other income and revenue howsoever derived by the Authority from the ownership or operation of, or arising from, the system, together with all interest, profits or other income derived from the investment of amounts in the Guam Waterworks Authority Revenue Fund.
(n) “”System”” means the water and wastewater systems, 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:
(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 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. 28-071:2 (Nov 3, 2005).
2013 NOTE: This section was added by P.L. 23-119:1 (July 31, 1996),
entitled “”Character of Indebtedness.”” Repealed by P.L. 28-071:2 (Nov 3,
2005).
Numbers and/or letters were altered to adhere to the Compiler’s alpha- numeric scheme in accordance to 1 Guam Code Ann. § 1606.