12 Guam Code Ann. § 81104
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Terms Used In 12 Guam Code Ann. § 81104
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Lien: A claim against real or personal property in satisfaction of a debt.
- 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.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
) The tobacco receipts due to the government after April 10,
2001 under the Master Settlement Agreement, and the government=s right to be paid tobacco receipts after April 10, 2001, under the Master Settlement Agreement, are hereby irrevocably and absolutely assigned to the Authority. On and after the date of enactment of this Chapter, the government shall have no right, title, or interest in or to the tobacco receipts and other rights described in the first sentence of this Section, and such tobacco receipts and other rights are property of the Authority and not of the government. The government hereby directs the independent auditor and the escrow agent to make all these payments to the Authority, or its designee, in accordance with instructions that may be given by the Authority from time to time.
The assignment and direction made in this Subsection are irrevocable and are a part of the contractual obligation owed to the bondholders. The government, through the Director of the Department of Administration, shall within thirty (30) days of the enactment of this Chapter, notify the independent auditor and the escrow agent that the tobacco receipts have been assigned to the Authority and shall instruct the independent auditor and the escrow agent that all tobacco receipts due after April 10, 2001 are to be paid directly to the Authority, or its designee.
2001 under the Master Settlement Agreement, and the government=s right to be paid tobacco receipts after April 10, 2001, under the Master Settlement Agreement, are hereby irrevocably and absolutely assigned to the Authority. On and after the date of enactment of this Chapter, the government shall have no right, title, or interest in or to the tobacco receipts and other rights described in the first sentence of this Section, and such tobacco receipts and other rights are property of the Authority and not of the government. The government hereby directs the independent auditor and the escrow agent to make all these payments to the Authority, or its designee, in accordance with instructions that may be given by the Authority from time to time.
The assignment and direction made in this Subsection are irrevocable and are a part of the contractual obligation owed to the bondholders. The government, through the Director of the Department of Administration, shall within thirty (30) days of the enactment of this Chapter, notify the independent auditor and the escrow agent that the tobacco receipts have been assigned to the Authority and shall instruct the independent auditor and the escrow agent that all tobacco receipts due after April 10, 2001 are to be paid directly to the Authority, or its designee.
(b) In consideration of the assignment by the government to the
Authority pursuant to Subsection (a), the Authority shall:
(1) cause all proceeds of bonds issued under this Chapter (other than bonds issued to refund bonds previously issued under this Chapter) to be delivered promptly to the respective tobacco trust funds, except as needed to pay costs of issuance of the bonds or to establish any required reserve fund for the bonds; and
(2) cause all amounts released from the lien of the indenture for bonds issued under this Chapter to be delivered promptly to the respective tobacco trust funds.