Powers of Board; Incurring Indebtedness

Pursuant to Section 50103(k), Chapter 50, Title 12 GCA, the Board, through the agency of the Guam Economic Development and Commerce Authority (GEDCA) by statutory legislation, has power and is hereby authorized, in addition to and in amplification of all other powers conferred upon the Board by the Guam Waterworks Authority Act or any other provision of this Chapter or by any law of Guam or of the United States, but subject to the requirements of Title 12 GCA § 12105, to exercise any or all of the powers granted to the Board by this Article. The Board, through the agency of GEDCA, may at any time or from time to time, by statutory legislation, incur indebtedness:

(a)pursuant to 12 GCA § 14235; or

(b)by the issuance of bonds to raise funds for the purpose of acquiring, constructing, improving, equipping, maintaining, repairing, renewing, replacing, reconstructing or insuring the system, or any part thereof, or for the purpose of refunding any such bonds or any other prior obligations of the CH. 14 GUAM WATERWORKS AUTHORITY Authority, or for any combination of such purposes for which bonds may be issued and secured as provided in this Article. It is hereby declared that the system is and shall be a public improvement or undertaking as that term is used in Section 11 of the Organic Act (§ 1423a, Title 48, U.S. Code). All indebtedness issued by the Authority pursuant to this 12 GCA § 14203 shall be repayable only from funds of the Authority available therefore or solely from revenues of the system and, therefore, will not be and shall not be deemed to be public indebtedness of Guam as that term is used in said Section 11.