Cap on Business Privilege Tax for the Repair and Rehabilitation of the Southern High

School Auditorium.

(a)The total amount of credits against unpledged business privilege taxes for the repair and rehabilitation of the Southern High School Auditorium shall not exceed One Million Dollars ($1,000,000) over a two

(2)year period. No more than Five Hundred Thousand Dollars ($500,000) in tax credits shall be authorized for each year of the program.

(b)If, at the expiration of the two

(2)year period authorized pursuant to this Article, there are still unclaimed authorized tax credits, then I Liheslaturan Guåhan may, in its discretion, extend the eligible period until such time that all eligible tax credits are exhausted.

(c)I Liheslaturan Guåhan may, in its discretion, extend the terms and modify any part of the program based on the needs of the Southern High School Auditorium.

(d)Construction and professional services and equipment, materials and furnishings shall be competitively procured. CH. 77 SPECIAL PROJECTS AND ACTIVITIES OF THE GUAM ECONOMIC DEVELOPMENT AUTHORITY