Acquisition of Existing Systems, Employees, and Debt

(a)On the first day of the month following one hundred eighty

(180)days after the effective date of this Act the Authority shall assume in writing from the Government of Guam and the Public Utility Agency of Guam (the Agency):

(1)all real property under the Agency’s administration and items of property, materials and supplies which the Agency owns or controls, including construction work in progress.

(2)all working capital, cash, accounts payable and receivable, deposits, advances payable and receivable, all books, records and maps and all other rights, obligations, assets, liabilities, agreements, and privileges of the Agency or attributable to the Agency.

(3)Each employee of the Government of Guam and assigned to the Public Utility Agency of Guam at the date of the transfer pursuant to statute shall be transferred to the Authority. All classified employees shall remain classified.

(4)In addition to the foregoing and not in limitation thereof, all liabilities and debts, including but not limited to contingent liabilities, short term debts and long term debt, including Water System Revenue Debt authorized by § 6132 of the Government Code (added by P.L. 20-016) and the Line of Credit for Tumon sewer reversal and other projects authorized by Section 3 of P. L. 23-097.