Tax and Revenue Anticipation Bonds or Bank Loans;

Authorization of Issuance of Bonds or Making of Loans to Pay Refunds. In order to fund the payment of income tax refunds due to local taxpayers, the Governor of Guam is authorized to either

(i)enter into one

(1)or more loan agreements with local banks, as provided in § 22825, or

(ii)issue one

(1)or more series of general obligation bonds of the government of Guam (the “Bonds”), in anticipation of the receipt of taxes and other revenue.