The government of Guam is fully committed to ensuring that the Authority has the ability to implement the capital improvements authorized to be paid by this legislation in order to meet the needs of Guam ratepayers for reliable and affordable services. The government also is fully committed to ensuring that bondholders are protected to ensure full and timely repayments of their loans. In order to mirror the previous pledge that allowed Guam Power Authority to successfully re-enter the financial markets as found in 12 Guam Code Ann. § 8113.3, and to model similar language found in laws authorizing debt for the A.B. Won Pat International Airport Authority, Guam, the government of Guam hereby pledges that while any bonds of the Authority issued under this Article remain outstanding and not fully performed or discharged

(a) to maintain the rights, powers and duties of the Board and the Guam Public Utilities Commission, or their respective successors in accordance with law, to fulfill the terms of any agreements made with bondholders in accordance with this Article,

(b) to maintain the rights and remedies of bondholders provided in this Article and any indenture,

(c) to protect the exclusive right of the Authority to operate or maintain within Guam any water or wastewater system operated by the government or its designees by preventing the acquisition, operation, maintenance or permitting of any instrumentality of the Government or any
other public or private agency, entity or person to operate a separate and competitive water and/or wastewater system, and

(d) not to transfer any additional non-system operating responsibilities or other unfunded mandates to the Authority without providing for the payment of the costs of such additional responsibilities, with the exception of annual supplemental annuity and COLA contributions paid by the Authority on behalf of retired employees of the Authority (or its lawful predecessors) as may be required by the laws of Guam.

SOURCE: Added by P.L. 28-071:2 (Nov 3, 2005).