12 Guam Code Ann. § 8241
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Terms Used In 12 Guam Code Ann. § 8241
- Contract: A legal written agreement that becomes binding when signed.
- 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.
The Board may at any time or from time to time, by resolution adopted by a majority of all the members of the Board and approved by the Governor, incur indebtedness for any lawful purpose for any period not exceeding five (5) years evidenced by contract with any person or by one or more promissory notes executed as provided in § 8217 (relating to bonds) and delivered to any person. Any such indebtedness shall be incurred subject and subordinate to any contractual obligation of the Board to the
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12 Guam Code Ann. AUTONOMOUS AGENCIES
CH. 8 GUAM POWER AUTHORITY
holders of any bonds and the principal thereof and interest thereon may be repaid:
(a) form revenues; or
(b) if incurred for a purpose for which bonds may be issued, from revenues or from the proceeds of sale of bonds.
SOURCE: GC § 21590.