e Board is hereby authorized to provide pursuant to an indenture for the issuance of refunding bonds or notes for the purpose of refunding any bonds, notes or other forms of indebtedness then outstanding which

COL120106
12 Guam Code Ann. AUTONOMOUS AGENCIES
CH. 68 HOSPITAL FACILITIES FINANCE ACT

shall have been issued by a nonprofit or public agency for any purpose for which bonds or notes may be issued pursuant to this Chapter, including the payment of any redemption premium thereon and any interest accrued or to accrue to the date of redemption of such bonds, notes or other forms of indebtedness and, if deemed advisable by the Board, for any corporate purpose of the Board, including, without limita- tion:

(1) Constructing improvements, additions, extensions or enlargements of the hospital facilities in connection with which the bonds, notes or other forms of indebtedness to be refunded shall have been issued; and
(2) Paying all or any part of the cost of any additional hospital facilities.

The issuance of such bonds or notes, the maturities and other details thereof, the rights of the holders thereof, and the rights, duties and obligations of the Board in respect of the same shall be governed by the provisions of this Chapter which relate to the issuance of bonds or notes, insofar as such provisions may be appropriate therefor.

Refunding bonds or notes may be sold or exchanged for such outstanding bonds, notes or other forms of indebtedness and, if sold, the proceeds thereof may be applied, in addition to any other authorized purposes, to the purchase, redemption or payment of such outstanding bonds, notes or other forms of indebtedness. Pending the application of the proceeds of any such refunding bonds or notes, with any other available funds, to the payment of the principal, accrued interest and any redemption premium on the bonds, notes or other forms of indebtedness being refunded, and, if so provided or permitted in the indenture securing and authorizing the issuance of such bonds or notes, to the payment of any interest on such refunding bonds, notes or other forms of indebtedness and any expenses in connection with such refunding, such proceeds may be invested in such securities and subject to such limitations as are specified in the indenture.

SOURCE: GC §53608.17, as added by P.L. 12-69.