New DLM Construction Building

(a)The Department of Land Management is hereby authorized to provide for the design, construction and collateral equipment of a new public facility by entering into a financing arrangement with the U.S. Department of Agriculture, or other financing source, with lower cost of funds, not to exceed Fifteen Million Seven Hundred-fifty Thousand Dollars ($15,750,000), for a term not to exceed forty

(40)years.

(b)Any financial arrangement to provide for the design, construction and collateral equipment of the Land Resources Building shall be subject to the approval of the secured creditor of the Department of Land Management. The Director of Land Management without jeopardizing existing obligations, is authorized to use a portion of its Land Survey Revolving Fund, which shall be deposited into the DLM Building Construction Fund to make repayment and assure that its loan installments are paid on time; for emergency maintenance; for extensions to facilities; and for replacement of short-lived assets with a useful life significantly less than the repayment period of any loan or the term, or any other financial arrangement.

(c)Any monies reimbursed for expenses incurred on the design and construction of the Land Resources Building shall revert to the DLM Building Construction Fund.

(d)I Liheslaturan Guåhan encourages the Department of Land Management to explore and identify any and all potential COL 7/27/2023 CH. 60 LAND MANAGEMENT financing sources or grants, including, but not limited to, any Federal government instrumentalities or private financial lending sources, and the Chamorro Land Trust Commission, the Ancestral Lands Commission and the Hagåtña Restoration and Redevelopment Authority for construction of the Land Resources Building.

(e)Interest derived from the financial agreement shall be exempt from taxation by the Government.

(f)Notwithstanding any substantive or procedural provision of Chapter 6 of Title 5 of the Guam Code Annotated, the government of Guam hereby waives immunity from any suit or action in contract on the loan, but does not waive sovereign immunity as to personal liability of elected or appointed officials and employees of the government of Guam.