§ 58101 Title
§ 58103 Definitions
§ 58104 Authorization to Enter into Long-Term Leases
§ 58105 Procurement
§ 58106 Responsibilities of Contractor
§ 58107 Assignments
§ 58108 Use of Tax-Exempt Bonds for Financing
§ 58109 Utilities and Routine Maintenance and Repair
§ 58110 Contractor Responsible for Capital Maintenance
§ 58111 Rules, Regulations and Restrictions
§ 58112 Severability

Terms Used In Guam Code > Title 5 > Chapter 58 - The Education Facilities Construction Initiative Act of 2001

  • Contract: A legal written agreement that becomes binding when signed.
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • 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
  • 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
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • 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.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • 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.
  • 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.