Interest of Commissioners and Others in Projects; Duty to

Disclose; Violation. COL4122017 CH. 5 GUAM HOUSING AND URBAN RENEWAL AUTHORITY

(a)During his tenure and for one

(1)year thereafter, no Commissioner, officer or employee of the Authority shall voluntarily acquire any personal interest, direct or indirect, in any project or in any property included or planned to be included in any project, or in any contract or proposed contract relating to any project. If any such Commissioner, officer or employee involuntarily acquires any such interest or voluntarily or involuntarily acquired any such interest prior to appointment or employment as a Commissioner, officer or employee, or thereafter, then in any such event, the Commissioner, officer or employee, shall immediately disclose his interest, in writing, to the Authority and such disclosure shall be entered upon the minutes of the Authority, and the Commissioner, officer or employee shall not participate in any action by the Authority relating to the property or contract in which he has any such interest.

(b)Any violation of the foregoing provisions of this Subsection shall constitute misconduct in office.

(c)These provisions shall not be applicable to the acquisition of any interest in notes or bonds of the Authority issued in connection with any project, or to the execution of agreements by banking institutions for the deposit or handling of funds in connection with a project or to act as trustee under any trust indenture or agreement, or to utility services the rates for which are fixed or controlled by a governmental agency.