Board to Declare Purpose for Which Bonds Issued and

Maximum Amount to be Issued. Before issuing any bond or bonds, the Board shall by resolution, approved by the Governor, declare the purpose for which the proceeds of the bonds proposed to be issued shall be expended and shall specify the maximum amount of bonds to be issued or sold for such purpose, and bonds shall not be issued or sold for such purpose in an amount exceeding such specified maximum except either

(a)pursuant to a provision in an indenture COL120106 CH. 17 THE UNIVERSITY OF GUAM REVENUE BOND A CT OF 1966 pursuant to § 17108(e) of this Chapter, or

(b)with the consent of bondholders, pursuant to amendment or modification of an indenture, as provided in § 17108(p) of this Chapter. Nothing in this Section contained shall be construed to prevent the Board, with the approval of the Governor, from amending any such resolution prior to the issuance of bonds authorized thereby to increase or decrease the maximum amount of bonds to be issued or sold. The issuance of bonds for one or more projects may be included in a single resolution of authorization.