Financial Contracts to Achieve Savings

Any agency, authority or instrumentality of the government and I Maga=lahen Guåhan [Governor of Guam] on behalf of the government of Guam, in connection with, or incidental to, the issuance of bonds under this Chapter, or the carrying of any investment or program of investment under this Chapter, may enter into any contracts which GEDA determines to be necessary or appropriate to place the obligation or investment of the agency, authority or instrumentality of the government, as represented by the bonds, investment or program of investment and the contract or contracts, in whole or in part, on the interest rate, currency, cash-flow, or other basis desired by GEDA in the furtherance of the purposes of this Chapter, including, without limitation, contracts commonly known as interest rate swap agreements, COL1/11/2022 CH. 51 AUTHORIZATION TO REFUND OBLIGATIONS TO ACHIEVE SAVINGS currency swap agreements, forward payment conversion agreements, futures, or contracts providing for payments based on levels of, or changes in, interest rates, currency exchange rates, or contracts to exchange cash flows or a series of payments, or contracts, including, without limitation, interest rate floors or caps, options, put or call to hedge payment, currency, rate, spread, or similar exposure. These contracts or arrangements may also be entered into by GEDA in connection with, or incidental to, entering into or maintaining any agreement which secures bonds. These contracts and arrangements shall be entered into with the parties, selected by the means, and contain the payment, security, default, remedy, and other terms and conditions, determined by GEDA, after giving due consideration for the creditworthiness of the counterparties, where applicable, including any rating by a nationally recognized rating agency or any other criteria as may be appropriate.