Authorization for Credit Enhancement

The Governor is authorized to enter into such contracts or agreements with such banks, insurance companies or other financial institutions as he determines are necessary or desirable to improve the security and marketability of the Bonds issued under this § 22811. Such contracts or agreements may contain an obligation to reimburse, with interest, any such banks, insurance companies or other financial institution for advances used to pay principal of or interest on the Bonds. Any such reimbursement obligation shall be a general obligation of the government of Guam and any such advance, if necessary, shall be treated as creating a reimbursement obligation issued to refund the Bonds.