5 Guam Code Ann. § 22410
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Terms Used In 5 Guam Code Ann. § 22410
- Contract: A legal written agreement that becomes binding when signed.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
- Trustee: A person or institution holding and administering property in trust.
All or any part of the revenues from the taxes levied pursuant to Article 4, Chapter 26, 11 Guam Code Ann. Taxation, and from the license fees and penalties imposed pursuant to 16 Guam Code Ann. §§ 7136, 7159,
7170, 7171, 3102, 7173 and 11101 may be pledged to secure the repayment of any debt or debts created under § 22409 of this Article. Any pledge made to secure bonds shall be subject to approval by the Legislature by resolution pursuant to § 22409 of this Article and shall be valid and binding from the time the pledge is made. The revenues pledged and thereafter received by the government or any trustee, depositary or custodian shall be deposited in a separate account and shall be immediately subject to the lien of such pledge without any physical delivery thereof or further act, and the lien of any such pledge shall be valid and binding against all parties having claims of any kind in tort, contract or otherwise against the government, such trustee, depositary or custodian, irrespective of whether the parties have notice thereof. The indenture by which such pledge is created need not be recorded. All such taxes, fees and penalties, to the extent so pledged, are hereby continuously appropriated for such purpose. All capital improvement highway projects to be funded from the provisions of §§ 22409 and 12410 of this Article must be reviewed and approved by the Governor prior to their implementation.
7170, 7171, 3102, 7173 and 11101 may be pledged to secure the repayment of any debt or debts created under § 22409 of this Article. Any pledge made to secure bonds shall be subject to approval by the Legislature by resolution pursuant to § 22409 of this Article and shall be valid and binding from the time the pledge is made. The revenues pledged and thereafter received by the government or any trustee, depositary or custodian shall be deposited in a separate account and shall be immediately subject to the lien of such pledge without any physical delivery thereof or further act, and the lien of any such pledge shall be valid and binding against all parties having claims of any kind in tort, contract or otherwise against the government, such trustee, depositary or custodian, irrespective of whether the parties have notice thereof. The indenture by which such pledge is created need not be recorded. All such taxes, fees and penalties, to the extent so pledged, are hereby continuously appropriated for such purpose. All capital improvement highway projects to be funded from the provisions of §§ 22409 and 12410 of this Article must be reviewed and approved by the Governor prior to their implementation.
SOURCE: GC § 6124 added by P.L. 17-79; amended by P.L. 18-2:2.