5 Guam Code Ann. § 221402
Terms Used In 5 Guam Code Ann. § 221402
- 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
- Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
construction, repair and refurbishing of public school buildings, the replacement of the CT Scan System and the establishment of an endoscopy suite of the Guam Memorial Hospital, the expansion and the redesign of the emergency medical department at the Guam Memorial Hospital Authority, the expansion of the Department of Public Health and Social Services regional community health clinics or the construction of new ones, and the upgrading of the Department of Correction’s Adult Correctional Facility (hereinafter ‘DOC ACF’).
(b) (1) The power to fix the date of sale of the Compact Impact Grant Anticipation Bonds, to award and sell the Compact Impact Grant Anticipation Bonds, to fix interest rates, and to take all other action necessary to sell and deliver the bonds shall be delegated by I Maga’lahi to GEDCA.
(2) (A) GEDCA shall issue the Request for Proposals for the Compact Impact Grant Anticipation Bonds, within fifteen (15) days after the enactment of this Subsection, based on the following terms and conditions:
The terms and conditions of the bonds shall be as determined by GEDCA by the execution of a certificate, or indenture authorizing the issuance of the bonds upon, or prior to the issuance of the bonds; provided, however, that such terms and conditions shall be consistent with this Article, and that the bonds shall mature not later than the year 2024, and shall bear interest at such rates and be sold for such price or prices, as shall result in a yield to the bondholders not exceeding seven percent (7%) per annum.
(B) GEDCA shall be authorized to receive bids or proposals on the Compact Impact Grant Anticipation
(c) (1) Subject to the provisions of this Subsection (3), the principal of and interest on the Compact Impact Grant Anticipation Bonds shall be payable solely from:
(A) money available as Compact Impact Aid for
Guam under Section 104(c)(6) of U.S. Public Law 99-
239, and as recently reauthorized in U.S. Public Law
108-188 for the next twenty (20) years; and
(B) any other revenues, funds, or other security pledged for such purpose that do not constitute revenues or funds of the government of Guam.
(2) The owners or holders of the Compact Impact Grant Anticipation Bonds may not look to any other revenues of the government of Guam for the payment of the bonds.
(3) The method of financing shall be non-recourse to, and require no credit support by the government of Guam.
(d) (1) GEDCA shall issue Compact Impact Grant Anticipation Bonds pursuant to a certificate executed by GEDCA, a trust indenture between GEDCA and any commercial bank or trust company having full trust powers, or any other instrument issued by GEDCA.
(2) As GEDCA deems appropriate, the certificate, trust indenture, or other instrument authorizing the Compact Impact Grant Anticipation Bonds may contain such provisions setting forth the rights and remedies of the owners or holders of the Compact Impact Grant Anticipation Bonds, may contain such provisions for protecting and enforcing the rights and remedies of the owners or holders of the Compact Impact Grant Anticipation Bonds as GEDCA deems appropriate, and may contain such other provisions that GEDCA deems appropriate for the security of the owners or holders of the Compact Impact Grant Anticipation Bonds. Such provisions may include, but not be limited to, provisions regarding letters of credit, insurance, stand-by credit agreements, or other forms of credit ensuring timely payment of the Compact Impact Grant Anticipation Bonds, including the redemption price or the purchase price, and provisions regarding the reimbursement of providers of such credit out of revenues available for the payment of principal of and interest on the Compact Impact Grant Anticipation Bonds for any amounts paid by such providers with respect to such bonds.
(e) The Compact Impact Grant Anticipation Bonds may be issued in such aggregate principal amount, may be issued in one (1) or more series, may bear such dates, may be in such denomination or denominations, may mature on any date or dates, may mature in such amount or amounts, may be in such form, may be payable at such place or places, may be subject to such terms of redemption with or without a premium, may contain such provisions as GEDCA deems appropriate regarding insurance to ensure the timely payment of the bonds, and may contain such other provisions not inconsistent with the provisions of this Article as GEDCA may determine.
(f) The rate or rates of interest borne by the Compact Impact Grant Anticipation Bonds may be fixed, adjustable, or variable or any combination thereof without regard to any interest rate limitation appearing in any other laws of Guam. If any rate or rates are adjustable or variable, the standard, index, method, or formula shall be determined by GEDCA.
(g) Compact Impact Grant Anticipation Bonds may be sold at public or private sale and may be sold at, above, or below the principal amounts thereof. The sale of such bonds shall not be subject to the Procurement Law.
SOURCE: Added by P.L. 27-092:1. Subsections 2(a) and (b) amended by
P.L. 27-106:VII:10.
NOTE: Pursuant to the authority granted by 1 Guam Code Ann. § 1606, numbers and/or letters were altered to adhere to the Compiler’s alpha-numeric scheme.