Approval of Financial Agreements or Arrangements

Any financial agreement or arrangement between the government of Guam with any bank, private banking firm, brokerage firm, bond brokerage firm, or similar financial institutions which uses, pledges, or arbitrages any government revenue, trust funds, debt service payment deposits with trustees, bond proceeds, or interests on any of these, not specifically authorized by existing statute authorizing the issuance or refinancing of bonds, shall require legislative approval; and any income generated from such financial agreement and arrangement shall require legislative appropriation.