Pledge or Reservation of Revenues

COL 7/27/2023 CH. 83 THE GUAM TWENTY-FIRST

(21ST)CENTURY HEALTHCARE CENTER ACT OF 2021

(a)Rental payments under the lease and the lease-back may be secured by a pledge or other reservation of revenues collected by the Government of Guam from the following:

(1)The sum of no more than Thirty-five Million Dollars ($35,000,000) from the revenues received pursuant to 11 GCA Chapter 42, Earned Income Tax Credit, will be available for Fiscal Year 2022 only.

(2)The sum of no more than Thirty-five Million Dollars ($35,000,000) from the General Fund shall be appropriated annually thereafter.

(3)The Governor of Guam may use federal funds that is made available to the Government of Guam by the United States federal government for such purposes.

(4)The use of other financing options is authorized for the purposes of this Act, including, but not limited to, loans, grants, bond financing, and other alternate funding or financing options, subject to legislative approval.

(b)Any amounts reserved or pledged as provided in this Section shall be subject to annual appropriation for the purpose of making lease-back payments. The revenues pledged or reserved and thereafter received by the Government of Guam or by any trustee, depository or custodian shall be deposited in a separate account and shall be immediately subject to such reservation or the lien of such pledge without any physical delivery thereof or further action, and such reservation or the lien of such pledge shall be valid and binding against all parties having claims of any kind in tort, contract or otherwise against the Government of Guam or such trustee, depository or custodian, irrespective of whether the parties have notice thereof. The instrument by which such pledge or reservation is created need be recorded.