12 Guam Code Ann. § 8206
Terms Used In 12 Guam Code Ann. § 8206
- 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.
COL 6/21/2023
12 Guam Code Ann. AUTONOMOUS AGENCIES
CH. 8 GUAM POWER AUTHORITY
determine the time, form and manner of incurring other indebtedness.
(b) No bond issued or sold pursuant to this Article shall be or become a lien, charge or liability against Guam or the Governor or against the Authority or the Board or against any property or funds of the Authority or the Board or Guam or the Governor, except to the extent of the pledge or revenues or part of revenues, as may be provided by the indenture pursuant to which such bonds are issued and every such bond shall contain a recital on its face stating that neither the payment of the principal or any part thereof, nor of any interest thereon, is a debt, liability or obligation of Guam.
(c) No other indebtedness incurred pursuant to this Article shall be or become a lien, charge or liability against Guam or the Governor and each such indebtedness shall be payable only from the fund or source from which it is authorized to be paid as provided in this Article.
SOURCE: GC § 21555.
2023 NOTE: References to “”Territory”” replaced with “”Guam”” pursuant to 1 Guam Code Ann. § 420.