Power to Incur Indebtedness

(a)I Maga’hågan/Maga’låhen Guåhan, through the agency of the Guam Economic Development Authority pursuant to § 50103(k), Title 12, Guam Code Annotated, and with the approval of I Liheslaturan Guåhan by statute, has the power and is hereby authorized, in addition to all other powers conferred by the Guam Solid Waste Management and Litter Control Act or any other provision of this Chapter or by any law of Guam or of the United States, to incur indebtedness on behalf of the government of Guam, by the issuance of bonds pursuant to this Article to raise funds for the purpose of acquiring, constructing, improving, equipping, maintaining, repairing, renewing, replacing, reconstructing or insuring the system, or any part thereof, or to reimburse the government for its payment, after the date of this legislation, of such system bond costs, or for the purpose of refunding any such system bonds or any other prior obligations of the government issued for any of such system purposes, or for any combination of such system purposes for which bonds may be issued and secured as provided in this Article.

(b)It is hereby declared that the system and each facility of the system is and shall be a public improvement or undertaking as that term is used in Section 11 of the Organic Act (§ 1423a, Title 48, U.S. Code). Indebtedness issued by the government pursuant to this Article that is payable only from funds in the Solid Waste Operations Fund available therefor and from revenue of the system will not be and shall not be deemed to be public indebtedness of Guam as that term is used in said Section 11. Indebtedness that CH. 51A GUAM SOLID WASTE AUTHORITY is issued by the government pursuant to this Article and that is payable from either Section 30 revenue or the General Fund may not be issued in an amount that would cause a violation of the debt limitation provisions of said Section 11.

(c)No obligation that is undertaken by the government pursuant to this Article shall be or become a lien, charge or liability against the government of Guam or against the Department or against any property or funds of the government of Guam or the Department, except to the extent of the pledge of pledged revenue provided by the indenture and any pledge of the full faith and credit of the government of Guam pursuant to § 51A822.5 of this Article.