(a) Hotel tax revenues means all revenues derived from taxes of the type now imposed by § 30101 of Chapter 30 of Title 11 of the Guam Code Annotated.
(b) Infrastructure improvement project means any infrastructure improvement project approved in connection with the prior obligations and any infrastructure improvement project subsequently approved by statute for implementation with moneys derived from the prior obligations or from new bonds issued under this Article.

(c) New money bond means a bond issued pursuant to this Article as part of the same issue at the refunding bonds, but for the purpose of providing moneys for one (1) or more infrastructure improvement projects, funding any necessary bond reserves allocable to the new bonds or paying expenses incurred in connection with the issuance of such new money bonds.

(d) Prior obligations means the outstanding Government of Guam Limited Obligation Infrastructure Improvement Bonds, 1989 Series A, and the payment obligations of the government of Guam (‘Government’) under the loan agreement, dated as of June 20, 1997 by and between the Government and Bank of Hawaii (the ‘Loan Agreement’).

(e) Refunding bond means a bond issued pursuant to this Article for the purpose of providing moneys to redeem or otherwise retire prior obligations, funding any necessary bond reserves allocable to the refunding bonds, or paying expenses incurred in connection with the issuance of such refunding bonds.

2012 NOTE: In maintaining the general codification scheme of the GCA the Compiler changed the hierarchy of subsections beginning with “”Numbers”” to “”Lowercase Letters”” in this section.

§ 22951. Authorization of Issuance of Limited Obligation
Infrastructure Improvement Bonds.

The Governor of Guam is authorized to issue on behalf of the Government an issue of bonds of the Government consisting of refunding bonds and new money bonds, subject to the following requirements and limitations:

(a) The issuance of the bonds shall not cause a violation of the debt limitation provision of Title 48 U.S.C. § 1423a (§ 11 of the Organic Act of Guam).
(b) All obligation of the Government to pay debt service on the prior obligations shall be discharged concurrently with the issuance of the refunding bonds. Thereafter, any remaining debt service on the prior obligations shall be payable solely from and secured solely by a refunding escrow established for such purpose.

(c) The aggregate principal amount of refunding bonds issued shall not exceed the amount necessary to pay the prior obligations, including by funding the refunding escrow, establish a bond reserve fund allocable to the refunding bonds, and pay expenses incurred in connection with the issuance of the refunding bonds.

(d) The aggregate principal amount of new money bonds issued shall not exceed the amount necessary to fund the projects in § 22958, establish a bond reserve fund allocable to the new money bonds and to pay expenses incurred in connection with the issuance of the new money bonds.

(e) The aggregate principal amount of the bonds issued shall not exceed Eighty Million Dollars ($80,000,000).

2012 NOTE: In maintaining the general codification scheme of the GCA the Compiler changed the hierarchy of subsections beginning with “”Numbers”” to “”Lowercase Letters”” in this section.