The exercise of the powers granted by this Chapter shall constitute the performance of an essential governmental function and the Authority shall not be required to pay any taxes or assessments upon or in respect of a project, or any property of money of the Authority, and the Author- ity, its projects, property and money and any bonds and notes issued under the provisions of this Chapter, their transfer and the income therefrom, including any profit made on the sale thereof, shall at all times be free from taxation of every kind, provided, that any person occupying a project whether as lessee, vendee or otherwise, shall, as long as title thereto shall remain in the Authority, pay a payment in lieu of taxes which shall equal the taxes on real and personal property, including water and sewer service charges or assessments, which such person would have been required to pay had it been the owner of such property during the period for which such payment is made and neither the Authority nor its projects, properties, money or bonds and notes shall be obligated, liable or subject to lien of any kind for the enforcement, collection or payment thereof. If and to the extent the proceedings under which the bonds authorized to be issued under the provisions of this Chapter so provide, the Authority may agree to cooperate with such person occupying a project, in connection with any administrative or judicial proceedings for determining the validity or amount of such payments and may agree to appoint or designate and reserve the right and for such person to take all action which the Authority may lawfully take

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CH. 64 PROJECT REVENUE BONDS

in respect of such payments and all matters relating thereto, provided such person shall bear and pay all costs and expenses of the Authority thereby incurred at the request of such person or by reason of any such action taken by such person in behalf of the Authority. If such person occupying a project has paid the amounts in lieu of taxes required by this Section to be paid, such person shall not be required to pay any such taxes as to which payment in lieu thereof has been made to the Territory, any other statute to the contrary notwithstanding. Bonds issued pursuant to the provisions of this Chapter and the interest income therefrom are exempt from taxation in accordance with the provision of the last sentence of §11 of the Organic Act of Guam (§1423a, Title 48, U.S. Code).

SOURCE: GC §53588.10, as added by P.L. 16-66.

§ 64112. Bonds as Legal Investments and as Security for
Performance of any Act.

Notwithstanding any restriction contained in any other law, the Territory, its officers, boards, commissions, departments or other agencies, all banks, bankers, trust companies, savings banks and institutions, building and loan associations, savings and loan associations, investment companies and other persons carrying on a banking or investment business, all insurance companies, insurance associations and other persons carrying on an insurance business, and all executors, administrators, guardians, trustees and other fiduciaries, and all other persons whatsoever who now are or may hereafter be authorized to invest in bonds or other obligations of the Territory, may properly and legally invest any sinking funds, money or other funds, including capital, belonging to them or within their contract in any bonds or notes issued by the Authority under the provisions of this Chapter; and the bonds and notes are made securities which may properly and legally be deposited with and received for the performance of any act whenever any evidence of indebtedness of the Territory for any purpose for which the deposit of bonds or other obligations of the Territory is now or may hereafter be authorized by law.

SOURCE: GC §53588.11, as added by P.L. 16-66.