Any pledge of revenues or other money made by the Authority shall be valid and binding from the time when the pledge is made; the revenues or other money so pledged and thereafter received by the Authority shall immediately be subject to the lien of such pledge without any physical delivery thereof or further act, and the lien of any such pledge shall be valid and binding as against all parties having claims of any kind in tort, contract or otherwise against the Authority, irrespective of whether such parties have notice thereof. Neither the resolution nor any other instrument by which a pledge is created need be filed or recorded except in the records of the Authority.

COL120106
12 Guam Code Ann. AUTONOMOUS AGENCIES
CH. 64 PROJECT REVENUE BONDS

SOURCE: GC §53588.08, as added by P.L. 16-66.

§ 64110. Nonliability of Members of the Authority or of the
Territory.

Neither the members of the Authority nor any person executing bonds issued pursuant to this Chapter shall be liable personally on the bonds by reason of the issuance thereof. Bonds or other obligations issued by the Authority pursuant to this Chapter shall not be in any way a debt or liability of the Territory or of any political subdivision thereof, either legal, moral or otherwise, and nothing in this Chapter contained shall be construed to authorize the Authority to incur any indebtedness on behalf of or in any way to obligate the Territory and all such bonds shall contain on the face thereof a statement to that effect.

SOURCE: GC §53588.09, as added by P.L. 16-66.