17 Guam Code Ann. § 17104
Terms Used In 17 Guam Code Ann. § 17104
- Dependent: A person dependent for support upon another.
- 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.
COL120106
17 Guam Code Ann. EDUCATION
CH. 17 THE UNIVERSITY OF GUAM REVENUE BOND ACT OF 1966
The validity of the authorization and issuance of any bonds by the Board, with the approval of the Governor, is not dependent on nor affected in any way by:
(a) Proceedings taken by or for or in lieu of the Board for the acquisition, construction or completion of any project or any part thereof.
(b) Any contracts made by or for in lieu of the Board in connection with the acquisition, construction or completion of any project.
(c) The failure to complete any project for which bonds are authorized to be issued.
SOURCE: GC § 11850.3.
§ 17105. Territory Not Liable for Bonds; Board Only Liable as
Provided by Indenture.
The Board, with the approval of the Governor, shall issue revenue bonds in its name and as its obligation, but no bond issued or sold pursuant to this Chapter shall be or become a lien, charge or liability against the Territory or the Governor or against the Board or against the property or funds of the Board or the Territory or the Governor, except to the extent of the pledge of revenues or part of revenues of the project, as may be provided by the indenture pursuant to which revenue bonds are issued and every such bond issued by the Board shall contain a recital on the face thereof, stating that neither the payment of the principal nor any part thereof, nor any interest thereon, constitutes a debt, liability or obligation of the Territory.
SOURCE: GC § 11850.4.