Use of Proceeds from the Sale of the Bonds

Proceeds from the sale of the Bonds shall be used for the purpose for which the government of Guam is authorized to use and expend moneys as set forth in § 22812 and for payment of expenses relating to the authorization, sale and issuance of the Bonds, including, without limitation, printing costs, costs of reproducing documents, bond insurance premiums, underwriting, legal and accounting fees and charges, fees paid to banks or other financial institution providing credit enhancement, costs of credit ratings, fees and charges for execution, transportation and safekeeping of Bonds and other costs, charges and fees in connection with the issuance, sale and delivery of the Bonds. Fees charged by the Guam Economic Development Authority

(GEDA)for a bond issuance are hereby waived.