12 Guam Code Ann. § 66106
Terms Used In 12 Guam Code Ann. § 66106
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
(b) The Board shall determine the time, form and manner of issuance of bonds.
(c) Every bond shall recite that it is not a general indebtedness of the Authority, but rather is a special obligation of the Authority payable solely from the revenues specified in the indenture providing for its issuance. Every bond shall recite that it is not public indebtedness of the territory of Guam as that term is used in § 11 of the Organic Act.
(d) Every bond shall recite that it is issued pursuant to an indenture of the Board, describing it by title and date. By such recital, all of the provisions of the indenture and this Chapter are incorporated into the bonds and coupons.
(e) Each taker and subsequent holder of the bonds or coupons, whether the coupons are attached to or detached from the bonds, has recourse to all the provisions of the indenture and of this Chapter and is bound thereby.
SOURCE: GC §53607.05 as added by P.L. 11-18; amended by P.L. 15-147.