Bonds as General Obligations of the Housing

Corporation.

(a)Notwithstanding the provisions of § 4105 of this chapter, the Housing Corporation is authorized to issue debt as a general obligation of the Housing Corporation on an unsecured basis, payable from the Housing Corporation’s general operating cash inflows. The amount of such general obligation debt outstanding at any one time shall not exceed the Housing Corporation’s net worth as determined by Generally Accepted Accounting Principles (“GAAP”). COL9/7/2021 CH. 4 GUAM HOUSING CORPORATION

(b)Every such bond or other evidence of such debt shall recite that it is not a public indebtedness of the territory of Guam as the term is used in Section 11 of the Organic Act of Guam.