(a) The Housing Corporation may appoint a bank or trust company to act as trustee for the Board and the holders of the bonds issued hereunder, and the Board may authorize the trustee to act on behalf of the holders of the bonds, or a stated percentage thereof, and to exercise and prosecute on behalf of the holders of the bonds such rights and remedies as may be available to the holders.

(b) The indenture or resolution pursuant to which any bonds are issued may provide for

(1) the deposit of all revenues with the trustee and for the holding thereof by the trustee in one or more separate funds or accounts, and

(2) the transfer to such trustee of such portions of revenues as are provided as security for the bonds and for the holding thereof by such trustee in one (1) or more separate funds or accounts.

All money in each such fund or account shall be disbursed only as provided in the indenture or resolution pursuant to which the bonds are issued.

(c) Any indenture or resolution pursuant to which bonds of the Housing Corporation are issued may provide for any or all of the following:(1) the payment of the principal and interest of the bonds at one (1) or more places in the Territory or in the United States and in any specified coin or currency of the United States;

(2) the pledge and assignment of all or any portion of the revenues or other property of the Housing Corporation, including, without limitation, mortgage loans and mortgage-backed securities, to secure the payment of the bonds, subject to existing agreements with holders;

(3) reserves or sinking funds in the hands of trustees, paying agents and other depositories and the regulation and disposition thereof;

(4) limitations on the purpose to which the proceeds of sale of bonds may be applied;

(5) limitations on the issuance of additional bonds, the terms upon which additional bonds may be issued and secured and the refunding of outstanding bonds;

(6) the procedure, if any, by which the terms of any contract with the holders of bonds may be amended or abrogated, the amount of bonds the holders of which must consent thereto, and the manner in which such consent may be given;

(7) vesting in a trustee property, rights, powers and duties in trust as the Housing Corporation determines;

(8) the specification of the acts or omissions to act which shall constitute a default in the obligations and duties of the Housing Corporation to the holders of the bonds and providing for the rights and remedies of the holders, and any limitations on such rights and remedies, in the event of such default; and

(9) any other matters of like or different character which in any way affect the security or protection of the holders of the bonds or the rights of the Housing Corporation.

(d) Bonds of the Housing Corporation issued pursuant to this Chapter shall:

(1) bear such date,

(2) mature at such times,

(3) bear interest at such fixed or variable rates,

(4) be sold at public or private sale at such prices above or below par,

(5) be in such denominations, (6) be in such form,
(7) carry such registration privileges, (8) be executed in such manner and
(9) be subject to such terms of redemption as provided in the indenture or resolution authorizing their issuance.

SOURCE: GC § 20003.2, as added by P.L. 16-42. Amended by P.L. 24-
81:7.

2015 NOTE: Subsection designations in (b), (c) and (d) were altered to adhere to the Compiler’s alpha-numeric scheme pursuant to the authority granted by 1 Guam Code Ann. § 1606.