Terms Used In 5 Guam Code Ann. § 22954

  • 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.
The Governor is authorized to enter into such contracts or agreements with such banks, insurance companies or other financial institutions as he determines are necessary or desirable to improve the security and marketability of any bonds authorized by this Article. Such contracts or agreements may contain an obligation to reimburse, with interest, any such banks, insurance companies or other financial institutions for advances used to pay principal of or interest on the issue. Any such reimbursement obligation shall be payable solely from the same sources as debt service on the issue is payable, and any such advance, if necessary, shall be treated as creating a reimbursement obligation issued to refund the issue.

§ 22955. Valid and Binding Obligations, Collection of
Revenue.

The bonds of the issue authorized by this Article shall constitute the valid and binding limited obligations of the Government. All officers charged by law with any duty in the collection of any revenues from which debt service on the issue is payable shall do every lawful thing necessary to collect the money necessary for such purpose. The validity of any such bonds shall not be affected by the validity or regularity of any proceedings for the implementation of the infrastructure improvement projects funded by either the prior obligations or the new money bonds.