12 Guam Code Ann. § 9105
Terms Used In 12 Guam Code Ann. § 9105
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- 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.
- Devise: To gift property by will.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
(a) To make and use a common seal and to alter the same at pleasure;
(b) Enter into contracts and execute all instruments necessary or appropriate in the exercise of any of its powers;
(c) Sue or be sued in its own corporate name;
(d) Adopt, amend and repeal reasonable by-laws, and other rules, regulations and directives, pursuant to the general corporation laws of the Territory of Guam, as may be necessary for the conduct and administration of its
activities and the exercise of the powers and performance of the duties conferred or imposed upon the Bureau or the Board by this Article;
(e) Adopt such rules and regulations pursuant to the Administrative Adjudication Act as may be necessary for the exercise of the powers and performance of the duties conferred or imposed upon the Bureau or the Board by this Article;
(f) Acquire, subject to the laws of the Territory of Guam, by grant, purchase, gift, devise or lease, and hold and use any real or personal property necessary or convenient or useful for the carrying on of any of its powers pursuant to the provisions of this Article;
(g) Establish its internal organization and management; (h) Sell, rent, exchange or otherwise dispose of,
encumber, improve or remove any property of the Bureau or any interest therein, and to provide for any services in connection with any property, real or personal, of the Bureau subject to the laws of Guam;
(i) Establish reasonable charges for any of its services, where it deems appropriate and to otherwise provide for a means of raising funds and revenue, and to determine the character of and necessity for its obligations and expenditures and the manner in which they shall be incurred, allowed and paid;
(j) Associate with like organizations of other states, territories, nations or regions, or agencies or instrumentalities thereof, and to enter into contracts and cooperative agreements with any of same or with any person, firm association or corporation may be deemed necessary or appropriate for the conduct of its activities;
(k) Establish and delegate its authority to any committee or subcommittee of the Board of Directors, and to determine the composition, duties and powers of any such committee;
(l) Form or cause to be formed, promote, aid and invest, in any reasonable manner within its means and purposes, in the promotion of any corporation or other firm, association or entity; and
(m) Do any and all things necessary or appropriate to carry out and further purposes of this Article, and to have all other corporate powers provided by law.
(n) Lines of Credit. Arrange a line of credit not to exceed Six Million Dollars ($6,000,000) with any bank, banks or commercial lending institutions licensed on Guam, government of Guam autonomous agency and any other instrumentality of the government of Guam. All agreement terms of the line(s) of credit shall be negotiated by the Guam Visitors Bureau (‘Bureau’) and approved by the Board in the best interest of the People of Guam. The terms of any line(s) of credit agreement shall include the following:
(1) Up to Five Million Three Hundred Thousand Dollars ($5,300,000) of the line of credit shall be used by the Bureau to promote Guam to specific segments of the Japanese market through the following campaigns in the following amounts: Three Million Fifty Thousand Dollars ($3,050,000) for the Guam Wedding Campaign; Seven Hundred Forty-eight Thousand Dollars ($748,000.00) for the Guam Office Lady Campaign; Eight Hundred Fifty Thousand Dollars ($850,000.00) for the Guam Groups Campaign; and Six Hundred Fifty-two Thousand Dollars ($652,000.00) for the Guam Family Campaign; and provided, that the line of credit shall not be used to finance Bureau operations or capital improvement projects. The Bureau shall report to I Liheslaturan Guåhan its monthly budget for use of these incentives at least five (5) days prior to the beginning of the month.
(2) Up to Seven Hundred Thousand Dollars ($700,000.00) of the line of credit shall be used by the Bureau to promote Guam to the Korean market; andprovided, that the line of credit shall not be used to finance Bureau operations or capital improvement projects.
(3) Except for the interest rate per the terms of the line of credit, no other charge by a lender for opening the line of credit shall be negotiated by the Finance Committee of the Bureau Board and approved by the Board through a resolution.
(4) The interest rate shall be negotiated between the Finance Committee of the Bureau Board and the lender, and approved by the Board through a resolution. Such interest rate shall be computed on a monthly average and based upon the actual amount extended to the Bureau.
(5) Interest earned by the lender shall be exempt from taxation by the government of Guam.
(6) The Bureau, through the approval of the Board pursuant to § 9113 of Title 12 of the Guam Code Annotated, shall pledge only Tourist Attraction Fund revenues as the source of repayment for the line(s) of credit. The funds necessary for the repayment of the principal and interest owed to any bank, banks or commercial lending institutions licensed on Guam, government of Guam autonomous agency and any other instrumentality of the government of Guam that have advanced funds to the Bureau pursuant to a line(s) of credit established pursuant to this Section, are appropriated from the Tourist Attraction Fund.
(7) Any money advanced through a line(s) of credit shall be repaid by September 30, 2007. In no case shall any amount be refinanced resulting in a repayment past September 30, 2007.
(8) Funds expended from any line(s) of credit with any bank, banks or commercial lending institutions licensed on Guam, government of Guam autonomous agency and any other instrumentality of the government of Guam will proportionately decrease the
authorized amount established to open such line(s) of credit as established within this Section.
(o) Monetary Valued Handouts. Any visitor-incentive monetary valued handouts specific to a marketing campaign of the Guam Visitors Bureau, funded through the Tourist Attraction Fund or any other public funding source or legislative appropriation, shall be made available to any Guam-licensed vendor willing to accept the monetary value of the handout as payment for goods and services.
SOURCE: GC § 38004. Repealed and added by P.L. 17-32. Subsections
(n) and (o) added by P.L. 26-83:2 and 3.