12 Guam Code Ann. § 66102
Terms Used In 12 Guam Code Ann. § 66102
- 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.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Trustee: A person or institution holding and administering property in trust.
(a) Authority means the Guam Economic Development
Authority, created by P.L. 8-80, Eighth Guam Legislature.
(b) Board means the Board of Directors of the Authority.
(c) Bonds or revenue bonds means the indenture providing for the issuance of revenue bonds pursuant to this Chapter.
(d) Bondholder or holder of bonds or any similar terms means: (i) the bearer of any outstanding bond registered to bearer
or not registered; or
(ii) registered owner of any outstanding bond.
(e) Governmental instrumentality means the United States, the territory of Guam, or any public corporation, political subdivision, state, county, city, district or any instrumentality of either the United States or this Territory.
(f) Governor means the Governor of Guam.
(g) Gross revenues mean all of the revenues prior to deducting operational costs.
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(h) Indenture means a resolution or trust agreement adopted or approved by a majority of all members of the Board providing for the issuance of bonds pursuant to this Chapter.
(i) Legislature means the Legislature of Guam.
(j) Net revenues means the gross revenues after having deducted therefrom the operational costs.
(k) Operational costs mean all costs of administration of the mortgages, contracts, indentures, revenues and funds for which bonds are issued.
(l) Organic Act means the Organic Act of Guam as amended and in effect on the effective date of this Chapter. (64 Stat. 384, Title 43, §1421 et seq., U.S. Code.)
(m) Person includes any individual, firm, corporation, association, copartnership, trust, receiver, trustee or conservator for any thereof, and also includes the United States, the territory of Guam, a public corporation, political subdivision, city, county, state, district or any instrumentality of the United States or of the Territory.
(n) Revenue means and includes:
(i) All income, receipts and receivables derived by the
Authority from mortgages acquired by it;
(ii) All income, receipts and receivables derived by the
Authority from contracts entered into by it;
(iii) All moneys in redemption, sinking and reserve funds or other funds created to secure the bonds and to provide for the payment of the principal of and the interest and premiums thereon;
(iv) All contributions and appropriations made to the
Authority, to the extent not limited in the making thereof; and
(v) All earnings on any invested funds of the Authority, excepting as limited in contributions and appropriations.
(o) Territory means the territory of Guam.
(p) Trustee means the trustee appointed pursuant to §2512. (q) United States means the United States of America.
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SOURCE: GC §53607.01, as added by P.L. 11-18; Subsections (h) and (p)
amended by P.L. 15-147.