(b) Loans, Indenture or Other Agreement. Such debt or debts may be created by a loan, indenture or

other agreement executed by I Maga’håga/Maga’låhi containing such terms as are consistent with this section.

(c)Valid and Binding Obligation. To the extent that the debt limitation provisions of 48 U.S.C. §1423a are not violated, any debt or debts authorized by this section shall constitute the valid and legally binding limited obligation of the government of Guam payable from and secured by a pledge of the revenues derived from the Tourist Attraction Fund. The validity of any such debt or debts shall not be affected by the validity or regularity of any proceedings for the implementation of Capital Improvement Projects funded by the debt or debts.

(d)Pledge of Revenues. All or any part of the revenues constituting the Tourist Attraction Fund created by 11 GCA § 30107 of this Code may be pledged to secure the repayment of any debt or debts created under this section and pay costs incurred in the creation of such debts. Any pledge made to secure the debt or debts shall be valid and binding from the time the pledge is made. The revenues pledged 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 the lien of such pledge without physical delivery thereof or further act, and 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, such trustee, depository or custodian, irrespective of whether the parties have notice thereof. The indenture by which such pledges are created need not be recorded. Revenues pledged for debt service are hereby continuously appropriated for such purpose.

(1)Revenues constituting the Tourist Attraction Fund shall be expended in accordance with the terms of the indenture pursuant to which the debt or debts will be issued so that

(A)The first priority shall be to meet all requirements of the repayment of debt or debts created in this section; and

(B)The second priority shall be to provide operating funds for the Guam Visitors Bureau at a level I Liheslatura deems appropriate.

(2)I Liheslatura shall continue to enact a budget for the operation of the Guam Visitors Bureau at any level which I Liheslatura deems appropriate. CH. 1 OFFICE OF I MAGA’HÅGA/MAGA’LÅHI [THE GOVERNOR]

(3)All revenues so pledged and appropriated which are not required pursuant to paragraphs

(1)and

(2)of this subsection

(d)shall revert to the Tourist Attraction Fund.

(4)The Director of Administration shall transmit to I Liheslatura a copy of the trustee’s monthly report on collections and disbursements of the funds it collects and disburses pursuant to this section within five

(5)working days of the Director’s receipt of such report. The preparation and filing of such a monthly report are mandatory.

(e)Waiver of Immunity. Notwithstanding any substantive or procedural provision of Chapter VI of Title VII of the Government Code, the government of Guam waives immunity from any suit or action in contract on such debt, but does not waive sovereign immunity as to the personal liability of elected officials and full time employees of the government of Guam.

(f)Form of Debt or Debts; Covenants; Appointment of Trustee. The technical form and language of the debt or debts, including provisions for execution, exchange, transfer, registration, paying agency, lost or mutilated bonds, negotiability, cancellation and other terms or conditions not inconsistent with this [section], including covenants relating to the maintenance of revenues, shall be as specified in an indenture approved by I Maga’håga/Maga’låhi, authorizing the issuance of the debt or debts. The indenture may appoint a trustee authorized to receive and hold in trust the proceeds of the debt or debts and revenues related thereto, to protect the rights of debt holders and to perform such other duties as may be specified in the indenture. I Maga’håga/Maga’låhi is also authorized to execute, on behalf of the government of Guam, any appropriate agreements, certificates or other instruments relating to the debt or debts and the sale of the debt or debts.

(g)Authorization for Credit Enhancement. I Maga’håga/Maga’låhi is authorized to enter into such contracts or agreements with such banks, insurance companies or other financial institutions as she/he determines are necessary or desirable to improve the security and marketability of the debt or debts created under this section. Such contracts or agreements may contain an obligation to reimburse, with interest, any such banks, insurance companies or other financial institutions for advances used to pay principal or interest on the debt or debts. Any such reimbursement obligation may be secured by a pledge of the revenues described in subsection

(d)of this section.

(h)Use of Proceeds from the Sale of Debt or Debts. All Capital Improvement Projects to be funded from the provisions of this section must be reviewed and approved by I Maga’håga/Maga’låhi prior to their implementation. Proceeds from the sale of the debt or debts shall be used solely to pay the costs of the Capital Improvement Projects described in subsection

(i)of this section and to pay expenses related to the authorization, sale and issuance of the debt or debts, including without limitation, printing costs, costs of reproducing documents, bond insurance premiums, underwriting, legal and accounting fees and charges, fees paid to banks or other financial institutions providing credit enhancement, costs of credit ratings, fees and charges for execution, transportation and safekeeping of bonds and other costs, charges and fees in connection with the issuance, sale and delivery of the debt or debts.

(i)The Capital Improvement Projects to be funded from the implementation of this section, any deviation from which requires legislative concurrence, are:

(1)TUMON SEWAGE REVERSAL $4,700,000.00 (Installation of sewer force main and gravity lines and modification of Tumon and Mamajano pump stations; project will reverse sewage flows from Tumon, Harmon, Barrigada and Liguan Terrace to the Northern District Sewer System.)

(2)COMPLETION OF SAN VITORES ROAD $2,700,000.00 ($2.2 million will be applied towards completion of physical improvements and $500,000 will be utilized for remaining land acquisition.) CH. 1 OFFICE OF I MAGA’HÅGA/MAGA’LÅHI [THE GOVERNOR]

(3)HÅGAT-HUMÅTAK HIGHWAY COMPLETION (Construction of Route 4 from Hågat to Lalahita Memorial Park.) $3,100,000.00

(4)ASTUMBO SUBDIVISION INFRASTRUCTURE $3,500,000.00 (Construction of roadways and water and sewer facilities to serve approximately 500 residential lots.)

(5)GMHA POWER SYSTEM DESIGN (Secure the services of an electrical engineering firm to: determine the electrical generation needs of the Guam Memorial Hospital, taking into consideration present load requirements and load requirements of future expansion plans; design an uninterruptible emergency power supply system for the Hospital; prepare a request for proposals for: $800,000.00

(A)purchase and installation of the uninterruptible power supply system, inclusive of an automatic transfer switch,

(B)construction management of the installation of said uninterruptible power supply system, and

(C)a training program designed to educate and train Guam Memorial Hospital employees in the operation and maintenance of said uninterruptible power supply system. The Guam Memorial Hospital Authority shall secure the services of the electrical engineering firm provided for here through the standard procurement regulations and procedures of the government of Guam, provided, however, that the firm selected for the feasibility and design phases of this project shall not be eligible for consideration for the construction management contract nor shall said firm be involved in the actual purchase of said electrical generating equipment except for the provision of consulting services to the Guam Memorial Hospital during the evaluation of submissions in response to the requests for proposals contained herein.)

(6)PUBLIC MARKET PROJECT $1,845,972.00 (Design and construction of a new facility to accommodate a variety of public market functions. The facility shall be permanent no temporary structures and no tin roofs; and provided, however, that no funds for this improvement project shall be expended until the repair on the Sagan Dinana structure has commenced. Preference and priority for space in the Public Market shall be given to those who sell local marine, aquacultural and agricultural products and those who primarily sell products bearing the Guam Product Seal. I Maga’håga/Maga’låhi and the Jose D. Leon Guerrero Commercial Port of Guam Board of Directors must concur that the final plans of the Public Market are aesthetically consistent with the development of the Hagåtña Marina; Jose D. Leon Guerrero Commercial Port of Guam Board approval should be expressed through the adoption of a resolution.)

(7)HIGHWAY HAZARD ELIMINATION PROJECT $3,650,000.00 (This project entails roadway spot repairs and anti-skid paving, installation of guardrails, pavement markers and other safety measures at various locations. Specific locations are as follows:

(A)Route 4 from poultry farm to As Linguit/Pauliluc Bridges, Inalåhan $250,000.00

(B)Route 4 between Humåtak and Malesso’ villages $680,000.00

(C)Route 17 between Sånta Rita-Sumai and Yona along Cross Island Road $570,000.00 CH. 1 OFFICE OF I MAGA’HÅGA/MAGA’LÅHI [THE GOVERNOR]

(D)Route 4A from Route 4 to Talo’fo’fo’ Village proper $400,000.00

(E)Route 9 in the vicinity of Agafa Gumas, Yigo $150,000.00

(F)Route 12, installation pf 400 linear feet of guardrail in the vicinity of Sånta Rita-Sumai $30,000.00

(G)Macheche Road, replacement of anti-skid surface and installation of pavement markers near the Latte Heights Subdivision $350,000.00

(H)Gayinero Road, installation of 800 linear feet of guardrail in Yigo $50,000.00

(I)Ypao Road, installation of guard rails, pavement markers, spot repairs and anti-skid pavement $70,000.00

(J)Route 7 in the vicinity of Agana Heights between Route 1 intersection and Naval Hospital entrance $550,000.00

(K)Route 6 in the vicinity of Asan/Piti and the Nimitz Hill area $500,000.00

(8)MALESSO’ FLOOD CONTROL (Installation of drainage improvements in the Barcinas and Cruz areas in Malesso’.) $350,000.00

(9)INALÅHAN BOAT LAUNCHING RAMP (Construction of new boat ramp in the Inalåhan Village area.) $250,000.00

(10)MALESSO’ PIER EXPANSION (Replacement of existing pier to increase capacity and to restore shoreline eroded areas.) $200,000.00

(11)HUMÅTAK SEA WALL (Restoration of approximately 200 linear feet of sea wall in Humåtak Village proper.) $60,000.00

(12)HUMÅTAK-MALESSO’ HIGHWAY DESIGN (Highway design along Route 4, Humåtak to Malesso’, for an upgraded two lane highway with a center lane. The project will include paved shoulders and adequate drainage.) $2,056.00

(13)MALESSO’-INALÅHAN HIGHWAY DESIGN (Highway design along Route 4, Malesso’ to Inalåhan for an upgraded two lane highway with a center lane. The project will include paved shoulders and adequate drainage.) $1,680.00

(14)INALÅHAN-TALO’FO’FO’ HIGHWAY DESIGN (Highway design of Route 4 from Inalåhan to Talo’fo’fo’ for an upgraded two lane highway with a center lane. The project will include paved shoulders and adequate drainage.) $400,000.00

(15)TALO’FO’FO’-YONA HIGHWAY DESIGN (Highway design of Route 4 from Talo’fo’fo’ to Yona for an upgraded two lane highway with a center lane. The project will include paved shoulders and adequate drainage.) $400,000.00

(16)INALÅHAN COMMUNITY CENTER UPGRADE (Repair and renovation of existing Inalåhan Community Center) $400,000.00

(17)MALOJLOJ BASEBALL FIELD (Design and construction of baseball field in Malojloj) $520,000.00

(18)MONGMONG COMMUNITY CENTER CONSTRUCTION $300,000.00 CH. 1 OFFICE OF I MAGA’HÅGA/MAGA’LÅHI [THE GOVERNOR] (Construction of new Mongmong Community Center)

(19)YIGO COMMUNITY CENTER UPGRADE (Repair and renovation of existing Yigo Community Center)

(20)EXTENSION OF CHALAN KANTON TUTUJAN TO ROUTE 7

(21)CHAOT SEWER SYSTEM UPGRADE $300,000.00 $1,400,000.00 $817,618.00 $25,630,000.00

(j)Refunding Obligations. I Maga’hågan/Maga’låhen Guåhan is authorized, with the specific authorization by statute of I Liheslatura, to create a debt of debts for the sole purpose of refunding all or a portion of the debt or debts authorized by subsection

(a)of this [section].

(k)Except for Item (21), all unexpended, un-obligated and unencumbered balances of the appropriations in Subsection

(i)of this Section as of September 30, 1999 shall be reprogrammed and reappropriated as follows:

(1)ninety-nine percent (99%) to the Department of Education for the repair and renovation of public school buildings and structures, to be expended in the following priority:

(A)repair and reconstruction of C. L. Taitano Elementary School;

(B)match of Federal funds made available by Federal Emergency Management Agency, or other Federal entity, in order to maximize the ability of the Department of Education to repair, reconstruct or construct school buildings; and

(C)repair, reconstruction or construction of school buildings that have a direct impact of remedying structural deficiencies to ensure student and staff safety.

(2)one percent (1%) to the Guam Police Department for the renovation of its crime laboratory located in Tiyan.