Revenue Bond Redemption Fund, Establishment

(a)There is established a special fund of the Authority, to be known as the Antonio B. Won Pat International Airport Authority, Guam Bond Redemption Fund, which is a trust fund for paying and securing the payment of the principal of and interest on and redemption premiums, if any, on the general revenue bonds and which shall be at all times wholly segregated and set apart from all other funds of the Government. As may be provided by the Board in the bond resolution, there shall be set aside and paid into the Bond Redemption Fund an amount of money sufficient to pay the principal of and interest and redemption premiums, if any, on the general revenue bonds as such payments become due and, if so provided by the Board in the bond resolution, sufficient also to maintain reserves for this purpose. The Bond Redemption fund shall be drawn upon for the purposes of paying the principal of and interest and redemption premiums, if any, on the general revenue bonds, or for reimbursing any credit enhancement provider for any such payment.

(b)In the event the Authority shall issue general revenue bonds which are payable junior and subordinate to outstanding general revenue bonds, the Board may provide in the bond resolution authorizing CH. 1 ANTONIO B. WON PAT INTERNATIONAL AIRPORT AUTHORITY, GUAM such junior and subordinate bonds for the creation and maintenance of such other funds and accounts as are required to provide for the security of such bonds