Bonds; Issuance; Authorization by Resolution; Indenture

Providing Terms and Conditions of Bonds.

(a)By resolution of the Board and approved by I Maga’lahi (the Governor), the Authority shall have the power to incur indebtedness, borrow money and issue its bonds for the purposes stated in § 82202 of this Chapter. The Authority may enter into indentures providing for terms and conditions of the bonds. 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 indenture 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 indenture 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 indenture providing for its COL10312014 CH. 82 GUAM STREETLIGHT AUTHORITY 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.