Pledge by the Government of Guam

The government of Guam is fully committed to ensuring that the Department has the ability to implement the capital improvements authorized to be paid by this legislation in order to meet the needs of Guam ratepayers for reliable and affordable services. The government also is fully committed to ensuring that bondholders are protected to ensure full and timely payments of their bonds. In accordance with prior similar situations and precedents, the government hereby pledges, while any bonds issued under this Article remain outstanding and not fully performed or discharged,

(a)to maintain the rights, powers and duties of CH. 51A GUAM SOLID WASTE AUTHORITY the Director, the Department and the Guam Public Utilities Commission, or their respective successors in accordance with law, to fulfill the terms of any agreements made with bondholders in accordance with this Article;

(b)to maintain the rights and remedies of bondholders provided in this Article and any indenture; and

(c)not to transfer any additional non-system operating responsibilities or other unfunded mandates to the system without providing for the payment of the costs of such additional responsibilities.