Bond Resolution, Adoption of; Concurrence Required; Contents of

(a)No special revenue bonds shall be issued unless authorized by the Board in a bond resolution adopted by it. Such resolution shall take effect only upon its approval by I Maga’håga/Maga’låhi in writing and I Liheslatura by statute.

(b)The Board shall specify in the bond resolution the denomination or denominations in which the bonds shall be issued, the interest rate or rates the bond shall bear and the frequency with which interest payments shall be made upon them. The Board may provide in the bond resolution or any subsequent bond resolution that the bonds may:

(1)Bear the same or different dates.

(2)Mature at such time or times not exceeding thirty-five

(35)years from their respective dates.

(3)Be paid in certain mediums and at certain places.

(4)Contain terms of redemption with such premiums as may be fixed (but no special revenue bonds may be subject to redemption prior to its fixed maturity date unless such right of redemption is expressly set forth on the face of the special revenue bond).

(5)Contain terms, covenants and conditions set by the Board pursuant to § 1211 of this Article, and be in coupon or registered form.

(c)The bonds shall not be sold until the Board shall have adopted a second resolution authorizing the sale. Such resolution shall take effect only upon its approval by I Maga’håga/Maga’låhi and I Liheslatura. The sale may be either public or private and shall be at such price as is set in the resolution authorizing the sale. If any special revenue bonds are to be sold at public sale, a notice of sale with respect thereto shall be published at least once not less than five

(5)days prior to the date of sale in a newspaper of general circulation in Guam and in a financial newspaper published in any of the cities of New York, Chicago, Illinois or San Francisco, California.