Authority to Create Debt for Capital Improvement Projects

(a)Authorization of Issuance of Limited Obligation Infrastructure Improvement Debts. I Maga’hågan/Maga’låhen Guåhan is authorized to create a debt or debts of the government of Guam in aggregate principal amount not to exceed Twenty-Nine Million Dollars ($29,000,000) for a maximum term of twenty

(20)years for the purpose of implementing Capital Improvement Projects enumerated in subsection

(i)of this section; provided, however, that

(1)the terms and conditions of the debts or debts shall be approved by I Liheslatura by statute; and

(2)the debt or debts shall not cause a violation of the debt limitation provisions of 48 U.S.C.