Water System Revenue Bonds

(a)Authorization of Issuance of Water System Revenue Debt. 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 Fifty-Three Million Dollars ($53,000,000) for a maximum term of twenty

(20)years for the purpose of implementing the Water System Projects enumerated in subsection

(k)of this § 1508; provided, however, that

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

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