Approval of Issuance, Terms and Conditions of

Bonds of Agencies, Authorities and Instrumentalities of the Government for the Sole Purpose of Achieving Debt Service Savings. Section 50103(k) of Title 12 of the Guam Code Annotated, authorities and instrumentalities of the government of Guam shall issue bonds only by means of and through the agency of GEDA and that GEDA shall not sell any bond without approval by I Liheslaturan Guåhan [Guam Legislature] of the terms and conditions of the issuance of the bonds. I Liheslaturan Guåhan [Guam Legislature] hereby approves the issuance, terms and conditions of refunding bonds to be issued by any agency, authority and instrumentality of the government of Guam, subject to the following requirements, limitations, terms and conditions, which shall apply separately to each such issue of refunding bonds:

(a)The issuance of the refunding bonds shall not cause a violation of the debt limitation provisions of 48 USC 1423a (§11 of the Organic Act of Guam).

(b)All obligations of the agency, authority or instrumentality to pay debt service on, and the redemption price of, the prior bonds shall be discharged concurrently with the issuance of the refunding bonds. Thereafter, the prior bonds shall be payable solely from and secured solely by an escrow established for such purpose.

(c)The debt service savings resulting from the issuance of the refunding bonds shall be not less than two percent (2%).

(d)The aggregate amount of scheduled debt service on the refunding bonds in each year to and including the final maturity of the refunding bonds shall be less than or equal to COL1/11/2022 CH. 51 AUTHORIZATION TO REFUND OBLIGATIONS TO ACHIEVE SAVINGS the maximum annual debt service on the prior bonds, and the final scheduled maturity date of such refunding bonds shall be not more than five

(5)years after the final scheduled maturity date of the prior bonds.

(e)The proceeds of the refunding bonds may be used to fund a bond reserve only if and to the extent that moneys from any bond reserve for the prior issue are transferred to the escrow from which the prior bonds will be paid.

(f)The terms and conditions of the refunding bonds shall be consistent with this Section, and shall include substantially the same additional bond tests, rate covenants and other covenants as were applicable with respect to the prior bonds.

(g)No issue of bonds approved by this ‘shall be sold until the Board of Directors of GEDA has adopted a resolution approving the sale of such issue.