12 Guam Code Ann. § 66118
Terms Used In 12 Guam Code Ann. § 66118
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
COL120106
12 Guam Code Ann. AUTONOMOUS AGENCIES
CH. 66 MORTGAGE REVENUE BONDS
fund, the Board may, subject to legislative appropriation, use any surplus remaining in any fund or account for such purposes as the Board may determine, subject to any and all limitations or restriction contained in any indenture.
After all bonds shall have been fully paid and discharged or provisions for their payment or discharge having been irrevocably made, any moneys in any fund or account created by this Chapter or by any indenture created hereunder shall, subject to the limitation and restrictions in any indenture, be transferred to the Authority to be used only in accordance with legislative appropriations.
SOURCE: GC §53607.17, as added by P.L. 11-18.