Use of Tax-Exempt Bond, Taxable Bond, and Other

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

(21ST)CENTURY HEALTHCARE CENTER ACT OF 2021

(a)To minimize the financing cost to the Government of Guam, financing utilized by the contractor/developer to fund the design, construction, and maintenance of the Guam Twenty-First Century Healthcare Center shall be through tax-exempt obligations, taxable bond obligation, or other financial instruments; provided, such financing is available at interest rates determined by the Guam Economic Development Authority to be reasonable and competitive. The Guam Economic Development Authority shall be the issuer of any financial instruments or obligations, unless the Guam Economic Development Authority waives its right to serve as the issuer of financial instruments or obligations. Alternatively, the contractor/developer may use an alternative method of financing, including, but not limited to, a short-term debt, mortgage, loan, federally guaranteed loan or loan by an instrumentality of the United States of America if such financing will better serve the needs of the people of Guam. Such alternative financing shall be approved by I Liheslaturan Guåhan. The purpose for the requirements of this Section is to assure that the Government of Guam pays the lowest possible interest rate so that the cost of the Government of Guam’s financing of the design and construction of the Guam Twenty-First Century Healthcare Center, amortized through the lease-back payments from the Government of Guam to the Guam Economic Development Authority and/or the contractor/developer, will be lower than regular commercial rates.

(b)I Liheslaturan Guåhan, pursuant to § 50103(k) of Chapter 50, Title 12, Guam Code Annotated, hereby authorizes the Guam Economic Development Authority to issue one or more additional series of tax-exempt and/or taxable obligations (in any case, the “bonds”) for the purposes of financing the Guam Twenty-First Century Healthcare Center in an aggregate principal amount not to exceed Six Hundred Million Dollars ($600,000,000) for the following purposes:

(1)to finance the design, construction, and/or maintenance of the Guam Twenty-First Century Healthcare Center;

(2)to fund a deposit to a debt service reserve fund; COL 7/27/2023 CH. 83 THE GUAM TWENTY-FIRST

(21ST)CENTURY HEALTHCARE CENTER ACT OF 2021

(3)to fund capitalized interest with respect to the bonds; and

(4)to pay expenses relating to the authorization, sale and issuance of the bonds, including without limitation, printing costs, costs of reproducing documents, credit enhancement fees, underwriting, legal, feasibility, financial advisory and accounting fees and charges, fees paid to banks or other financial institutions providing credit enhancement, costs of credit ratings and other costs, charges and fees in connection with the issuance, sale and delivery of the bonds, subject to the following additional conditions:

(A)The terms and conditions of the bonds shall be as determined by the Guam Economic Development Authority by the execution of a certificate, trust agreement or indenture authorizing the issuance of the bonds; provided, however, that such terms and conditions shall be consistent with this Section, that the bonds shall have a final maturity not to exceed forty

(40)years; and an interest rate not to exceed seven percent (7%).

(B)No bonds authorized by this Section shall be sold until the Board of Directors of Guam Economic Development Authority has approved the sale by resolution, as provided in Chapter 50 of Title 12, Guam Code Annotated.

(C)The issuance of bonds pursuant to this Section shall not be subject to the approval of the voters of Guam.

(c)The Guam Economic Development Authority and the Government of Guam shall undertake their respective best efforts to prioritize application of the portion of the net proceeds of the bonds allocated towards the design, construction, and/or maintenance of the Guam Twenty-First Century Healthcare Center first towards the construction of the new GMHA hospital facility, if and to the extent that such prioritization is practical, does not impact the marketing of the bonds and does not increase COL 7/27/2023 CH. 83 THE GUAM TWENTY-FIRST

(21ST)CENTURY HEALTHCARE CENTER ACT OF 2021 the costs to the Guam Economic Development Authority and/or the Government of Guam of issuing and repaying such bonds.