Exemption from Taxation, and In-Lieu Payments

As an instrumentality of Guam, the Authority and all property acquired by or for the Board and all revenues and income therefrom are exempt from taxation by Guam or by any political subdivision or public corporation thereof and from all taxes imposed under the authority of I Liheslaturan Guåhan, or with respect to which I Liheslatura is authorized to grant exemption.