Form of and Recitals in Bonds

(a)All bonds shall be issued in the name of the Agency.

(b)The Board shall determine the time, form and manner of issuance of bonds.

(c)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 indenture providing for its issuance. Every bond shall recite that it is not public indebtedness of the territory of Guam as that term is used in § 11 of the Organic Act.

(d)Every bond shall recite that it is issued pursuant to an indenture of the Board, describing it by title and date. By such recital, all of the provisions of the indenture and this Chapter are incorporated into the bonds and coupons.

(e)Each taker and subsequent holder of the bonds or coupons, whether the coupons are attached to or detached from the bonds, has recourse to all the provisions of the indenture and of this Chapter and is bound thereby.