Authority, Additional Powers

In addition to the powers that it may otherwise have, with respect to this Article, the Authority shall have the power to:

(a)Sue and be sued in all actions and proceedings in all court and tribunals of competent jurisdiction.

(b)Adopt a seal and alter it at its pleasure.

(c)Provide, develop, expand and maintain airports and landing places for aircraft of any kind and the support facilities it determines to be incidental or necessary to the proper utilization of such airports and landing places.

(d)Acquire by purchase, condemnation, donation, lease, or otherwise, real or personal property necessary to the full or convenient exercise of any of its powers of purposes.

(e)Operate and maintain the airports, landing places and support facilities under its jurisdiction for public and private use.

(f)Improve, construct or reconstruct, lease, furnish or refurnish, use, repair, maintain, control, sell or dispose of its property, including any buildings, structures, lighting equipment and all other equipment and facilities necessary therefor; and notwithstanding any other provision of law, make and enter into contracts, leases and permits for the use of airport facilities and properties for airport purposes, and visitor related activities, and make and enter into airline agreements, without prior approval of I Liheslaturan Guåhan, as long as these agreements are in conformity with the provisions of § 1203.1 of this Title.

(g)Issue special revenue or general revenue bonds to finance in whole or in part the cost of acquisition, purchase, construction, reconstruction, improvement, betterment or extension of the airports.

(h)Impose, prescribe and collect rates, rentals, fees and charges for the use and services of, and the facilities and commodities furnished by the Authority for public and private use. CH. 1 ANTONIO B. WON PAT INTERNATIONAL AIRPORT AUTHORITY, GUAM

(i)Pledge for the punctual payment of the general revenue bonds and interest thereon all or part of the revenue of the airports (including improvements, betterments or extension thereto thereafter constructed or acquired), which shall be sufficient to pay the principal of and interest on such bonds as they shall become due and to create and maintain reasonable reserves to pay the principal thereof and interest thereon, and pledge for the punctual payment of special revenue bonds and interest thereon all or part of the income and receipts derived by the Authority from agreements relating to the loan of the proceeds of such bonds or the lease of facilities financed from the proceeds of such bonds and the rights and interest of the Authority in such agreement or lease, which shall be sufficient to pay the principal of and interest on such bonds as they shall become due and to create and maintain reasonable reserves to pay the principal thereof and the interest thereon.

(j)Make and enter into agreements with one

(1)or more banks or other credit enhancement providers for the issuance of letters of credit or such other banking or credit enhancement arrangements as the Authority deems necessary to improve the security and marketability of general revenue or special revenue bonds; provided, that the terms and provisions of any such letter of credit or other banking or credit enhancement arrangement shall be approved in the bond resolution; and provided, further, that the fees for any such letter of credit or other banking or credit enhancement arrangements may be included as a cost of issuance of such bonds.

(k)enter into any contracts in connection with, or incidental to, the issuance of bonds, or the carrying of any investment or program of investment or entering into or maintaining any agreement which secures bonds, which the Authority determines to be necessary or appropriate to place the obligation or investment of the Authority, as represented by the bonds, investment, program of investment or agreement and the contract or contracts, in whole or in part, on the interest rate, currency, cash-flow, or other basis desired by the Authority in furtherance of the purposes of this Chapter, including, without limitation, contracts commonly known as interest rate swap agreements or contracts providing for payments based on levels of, or changes in, interest rates, or contracts to exchange cash flows or a series of payments, or contracts, including, without limitation, interest rate floors or caps, options, put or call to hedge payment, rate, spread, or similar exposure with the parties, selected by the means, and containing the payment, security, default, remedy, and other terms and conditions, determined by the Authority, after giving due consideration for the creditworthiness of the counter parties, where applicable, including any rating by a nationally recognized rating agency or any other criteria as may be appropriate; provided, that any amounts received by the Authority pursuant to any such contract shall constitute Revenues and that any obligation of the Authority under any such contract shall be payable solely from, and secured solely by a pledge of, Revenues; and provided further that for purposes of § 1206 of this Chapter, such obligations shall constitute costs relating to the ownership, use and operation of the Airport. Such contracts may include contracts pursuant to which the Authority receives an up-front payment in exchanges for which the Authority agrees to make payments based upon a fixed rate which is greater than the fixed rate that the counterparty to such agreement would require in order to agree to make payments based upon the variable rate to be used to calculate the payments of such counterparty pursuant to such agreement.