Valid and Binding

(a)If and to the extent determined by I Maga’hågan/Maga’låhen Guåhan, the bonds authorized by this Article shall constitute the valid and binding general obligations of the government of Guam, in addition to any applicable pledge of the revenues described in Title 10, Guam Code Annotated, § 51A822.

(b)The government of Guam pledges full faith and credit for the punctual payment of both the principal of and interest on such bonds and covenants that there shall be collected annually in the same manner and at the same time as government revenue for other purposes is collected, such sum as is required to pay the principal of and interest of such bonds.

(c)There are hereby appropriated from the General Fund such sums as may be necessary in each year in addition to any amounts appropriated under Title 10, Guam Code Annotated, § 51A822 to equal the amount of money necessary to pay principal and interest on such bonds.

(d)All officers charged by law with any duty in the collection of the revenues of the government from which debt service on such bonds will be payable shall do every lawful thing necessary to collect such sum. The validity of any such bonds shall not be affected by the validity or regularity of any proceedings for the payment of the costs paid or to be paid with the proceeds of such bonds.