12 GCA § 1213
Same: Equality
View official PDF ↗All general revenue bonds constituting a part of the same issue shall be equally and ratably secured, without priority by reason of number, date of bonds, date of sale, date of execution or date of delivery, by a lien and charge on the revenue pledged to the payment thereof in accordance with this Article and the bond resolution authorizing the issuance of such bonds; provided, this provision shall not be deemed to prohibit the issuance of general revenue bonds which are payable junior and subordinate to outstanding general revenue bonds. Any additional general revenue bonds which are payable out of the revenue of the airports may be issued on a parity with any general revenue bonds previously issued upon compliance with any conditions which may be prescribed in the bond resolution.
§ The story of this section
- Amended by P.L. 16-93 (bill & sponsor pending — earlier Legislature not yet ingested)
Reconstructed from the Guam Code Annotated. For the authoritative version, see the official PDF.