Authorization of Bonds

Bonds may be issued hereunder from time to time in order to carry out the purposes of the Act as in this Indenture provided. The maximum principal amount of Bonds which may be issued hereunder is not limited; subject, however, to the right of the Government, which is hereby reserved, to limit or restrict, by Supplemental Indenture, the aggregate principal amount of Bonds which may at any time be issued and Outstanding hereunder, and to such limits as may otherwise be imposed by law. The Bonds are designated generally as the ‘Government of Guam Limited Obligation Infrastructure Improvement Bonds’; each Series thereof to bear such additional designation as may be necessary or appropriate to distinguish such Series from every other Series of Bonds. The Bonds may be issued in such Series as from time to time shall be established and authorized by the Government, subject to the covenants, provisions and conditions herein contained.