Bonds; Size of Issue

The Bonds shall have an aggregate principal amount at any one time outstanding not to exceed Forty-Five Million Dollars ($45,000,000); provided, however, that the issuance of the Bonds shall not cause a violation of the debt limitation provisions of the COL4/6/2022 CH. 22 GENERAL FISCAL POLICIES AND CONTROLS Organic Act of Guam (48 U.S.C. 1423a). The Bonds may be issued and the proceeds expended to allow the government of Guam to pay for the cost of their issuance and discharge its obligation to pay refunds owed to taxpayers who have filed their income tax forms with the government of Guam in accordance with the Organic Act of Guam.