12 Guam Code Ann. § 8202
Terms Used In 12 Guam Code Ann. § 8202
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- 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.
- Statute: A law passed by a legislature.
- Trustee: A person or institution holding and administering property in trust.
(a) Authority means the Guam Power Authority provided for in the Guam Power Authority Act of 1968.
(b) Board means the Board of Directors of the Authority provided for in the Guam Power Authority Act of 1968. ABoard@ also means the Governor, the Director of Administration or any other officer or agency of Guam whenever any action which this Article or any indenture requires or permits the Board to take can, under the Organic Act or any provision of this Code or any other statute of Guam, be taken for, or on behalf of, or in lieu of the Board only by the Governor, the Director of Administration or such other officer or agency.
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(c) Bonds or revenue bonds means the written evidence or any obligation issued by the Board with the approval of the Governor pursuant to § 8203, payment of which is secured by a pledge of revenues or any part of revenues, as provided in this Chapter, in order to raise funds for any of the purposes authorized § 8203, irrespective of the form of such obligations.
(d) Bondholder or holder of bonds or any similar term means any person who shall be:
(1) the bearer of any outstanding bond or bond registered to bearer or not registered; or
(2) the registered owner of any such outstanding bond or bond which shall at the time be registered other than to bearer.
(e) Director of Administration means the Director of Administration, head of the Department of Administration, within the Executive Branch of the government of Guam or any agent designated by him as trustee pursuant to any provision of this Article or of any indenture.
(f) General Manager means the General Manager of the
Authority provided for in the Guam Power Authority Act of
1968.
(g) Governor means the Governor of Guam.
(h) Guam Power Authority Act of 1968 means Article 1 of this Chapter.
(i) Indenture means an agreement entered into and approved or adopted by a majority of all the members of the Board, with the approval of the Governor, pursuant to which bonds are issued, regardless of whether such agreement is expressed in the form of a resolution of the Board or by other instrument.
(j) Organic Act means the Organic Act of Guam as amended and in effect on the effective date of this Article. (64 Stat. 384, Title 48, §1421 et seq. U.S. Code.)
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(k) Person includes any individual, firm, corporation, association, copartnership, trust, business trust or receiver or trustee or conservator for any thereof, and also includes the United States, Guam or any public corporation, political subdivision, city, county or district or any agency or instrumentality of the United States or of Guam.
(l) Revenue means and includes:
(1) any and all rates and charges received or receivable in connection with, and any and all other income and receipts of whatever kind and character derived by the Authority from the operation of or arising from the system;
(2) any such revenues or any proceeds of sale of bonds or any other moneys of the Authority that may have been or may be impounded or deposited in any fund or account created or authorized by this Article and held by the Board or the Treasurer or the Director of Administration for the security of any bonds issued hereunder or for the purpose of providing for the payment thereof or the interest thereon;
(3) any moneys received or receivable by the Authority pursuant to any contract between the Authority and any person, which moneys are designated as revenues (as herein defined) in such contract; and
(4) all earnings on any investment of any revenues. (m) System means the electric power system of the
Authority.
(n) System operation and maintenance costs means:
(1) the reasonable costs of operating and maintaining the system, including refunds authorized by
§ 8204, and all reasonable repairs, renewals, replacements, system insurance costs and costs of
insurance or other provision for retirement of officers and employees of the Authority, but (notwithstanding any system of accounts maintained by the Board)
without any allowance for depreciation; and
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(2) all revenues required by any indenture to be deposited in any one or more reserve funds or accounts in lieu of insurance or in any working capital fund or account or contingency fund or account relating to the system.
(o) Territory means the territory of Guam.
(p) Treasurer means the Treasurer of the Authority provided for in Article 1.
(q) United States means the United States of America.
SOURCE: GC § 21551.
2023 NOTE: References to “”Territory”” replaced with “”Guam”” pursuant to 1 Guam Code Ann. § 420.
2012 NOTE: Pursuant to the authority granted by 1 Guam Code Ann. § 1606, numbers and/or letters were altered to adhere to the Compiler’s alpha-numeric scheme.