Powers of the Board; Incurring Indebtedness

(a)Pursuant to 12 GCA § 50103(k), the Board, through the Guam Economic Development Authority (GEDA), has the power and is hereby authorized, in addition to and in amplification of all other powers conferred upon the Board by the Jose D. Leon Guerrero Commercial Port Act or any other provision of this Chapter or by any law of Guam or of COL1312018 CH. 10 PORT AUTHORITY OF GUAM the United States, but subject to the requirements of 12 GCA § 12116, to exercise any or all of the powers granted to the Board by this Article. The Board, through the agency of GEDA, with the approval of I Liheslaturan Guåhan in addition to this Article, may at any time or from time to time authorize the Authority to incur indebtedness:

(1)pursuant to 12 GCA § 10235; or

(2)by the issuance of bonds 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 for the purpose of refunding any such bonds or any other prior obligations of the Authority, for any purpose authorized by law, or for any combination of such purposes for which bonds may be issued or incurred and secured as provided in this Article.

(b)The sale of the bonds shall be approved by the Board of Directors of GEDA as provided by Chapter 50 of Title 12, Guam Code Annotated, and the terms and conditions of the issuance of the bonds shall be approved by the PUC as provided by Chapter 12 of Title 12, Guam Code Annotated.

(c)It is hereby declared that the system is and shall be a public improvement or undertaking as that term is used in Section 11 of the Organic Act of Guam (48 U.S.C.A. § 1423a). All indebtedness issued or entered into by the Authority pursuant to this Section shall be repayable only from funds of the Authority available therefor or solely from revenues of the system and, therefore, will not be and shall not be deemed to be public indebtedness of Guam as that term is used in Section 11 of the Organic Act of Guam.