Bonds; Issuance; Authorization by Resolution; Terms

(a)By resolution approved by the Governor, the Authority shall have the power to incur indebtedness, borrow money and issue its bonds COL120106 CH. 64 PROJECT REVENUE BONDS for the purposes stated in § 64105 of this Chapter. Except as may otherwise be expressly provided by the Authority, every issue of its bonds shall be special obligations of the Authority payable solely from the revenues or money of the Authority specified in the resolution providing for its issuance, subject only to any agreement with the holders of particular bonds pledging any particular revenues or money. Such bonds shall bear such date or dates, mature at such time or times, bear interest at a rate or rates, be in such denominations, be in form, either coupon or registered, carry such conversion or registration privileges, have such rank or priority be executed in such manner, payable from such source and have such terms of redemption (with or without premium) as such resolution may provide. Bonds of the Authority may be sold by the Authority to public or private sale at such price or prices and under such conditions and terms as the Authority shall determine.

(b)Every bond shall recite that it is not a general indebtedness of the Authority, but rather is a special obligation of the Authority payable solely from the revenues specified in the Resolution providing for its issuance. Every bond shall recite that it is not public indebtedness of the Territory as that term is used in §11 of the Organic Act of Guam.