5 Guam Code Ann. § 59105
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Terms Used In 5 Guam Code Ann. § 59105
- Contract: A legal written agreement that becomes binding when signed.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- 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.
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
e Contract shall require that the Contractor be responsible for all costs, expenses and fees of any kind or nature, associated with the design, civil improvements, infrastructure, construction, permits and financing associated with the completion of a Public Safety Facility.
The Contractor shall also be responsible for the capital maintenance and upkeep of public safety facilities during the Lease-Back term. The costs of the design, construction and financing for a Public Safety Facility shall be paid in periodic installments over the term of the Lease- Back period, which shall be mutually determined by the Public Safety agency and the Contractor, but which shall not exceed thirty (30) years. The Lease and Lease-Back may provide that if sufficient funds are not appropriated or otherwise available for the payment of such installments, the Public Safety Agency will have the obligation to vacate the Public Safety Facility, and the Contractor shall have the right of use and
The Contractor shall also be responsible for the capital maintenance and upkeep of public safety facilities during the Lease-Back term. The costs of the design, construction and financing for a Public Safety Facility shall be paid in periodic installments over the term of the Lease- Back period, which shall be mutually determined by the Public Safety agency and the Contractor, but which shall not exceed thirty (30) years. The Lease and Lease-Back may provide that if sufficient funds are not appropriated or otherwise available for the payment of such installments, the Public Safety Agency will have the obligation to vacate the Public Safety Facility, and the Contractor shall have the right of use and
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5 Guam Code Ann. GOVERNMENT OPERATIONS CH. 59 THE PUBLIC SAFETY FACILITIES CONSTRUCTION INITIATIVE ACT OF 2001
occupancy of the Public Safety Facility for the remainder of the term of the Lease unless new mutual satisfactory terms are entered into. For this purpose, the Lease may provide that its term shall be extended for a period not to exceed the shorter of ten (10) years beyond the original term of the Lease-Back or such period of time as is necessary to repay in full any financing arranged pursuant to § 59107.
The capital maintenance, repair and upkeep costs shall be paid on a periodic basis as incurred by the Contractor on terms to be agreed to in the Contract for each Public Safety Facility.