The proceeds of sale of any bonds may be expended for any one or more of the following purposes, all as provided in the indenture relating to such bonds:

(a) For payment of any costs or expenses of the acquisition, construction or completion of the system or any part thereof or any costs or expenses incidental thereto, including payment to the United States or any other public body for the portion to be borne by the Board of the cost of any work done by the United States or such public body for or jointly or in conjunction with the Board;

(b) For payment of any engineering, inspection, legal,
consultant’s or paying agent’s fees relating or incidental to:

(1) the acquisition, construction or completion of the system or any part thereof; or

(2) the authorization, issue or sale of bonds;

(c) For payment of any costs or expenses relating to the authorization, issuance or sale of bonds;

(d) For deposit 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 pursuant to any provision of any indenture referred to in § 8210(m) or (t);

(e) For payment of interest on bonds during the period of actual acquisition, construction or completion of the system or any part thereof for the acquisition, construction or completion of which such bonds have been issued and for a period of not to exceed ten (10) years thereafter;

(f) For deposit in any reserve or sinking fund pursuant to any provision of any indenture referred to in § 8210(a); or

(g) For payment of the principal of and interest on any indebtedness incurred pursuant to § 8241 that is by its terms repayable from the proceeds of sale of bonds.

SOURCE: GC § 21571.

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COL 6/21/2023

12 Guam Code Ann. AUTONOMOUS AGENCIES
CH. 8 GUAM POWER AUTHORITY

2012 NOTE: Pursuant to the authority granted by 1 Guam Code Ann. § 1606, numbers and/or letters in subsection (b) were altered to adhere to the Compiler’s alpha-numeric scheme.