Valid and Binding General Obligations; Pledge of

Revenues. The Loans authorized by this § 22811 shall constitute valid and binding general obligations of the government of Guam, which pledges its full faith and credit for the punctual payment of both principal of and interest on the Loans. There shall be collected annually in the same manner and at the same time as government revenue for other purposes is collected, such sum as is required to pay the principal of and interest on the Loans. All officers charged by law with any duty in the collection of the revenues of the government shall do every lawful thing necessary to collect such sum. In addition, all or part of the revenues derived by the government of Guam under Section 30 of the Organic Act of Guam may, if determined by the Governor to be necessary or desirable, be pledged to secure the repayment of the Loans and to pay the costs incurred in their issuance or administration. Any pledge made to secure the Loans shall be valid and binding for the term of the pledge. The revenues pledged and thereafter received COL4/6/2022 CH. 22 GENERAL FISCAL POLICIES AND CONTROLS by the government of Guam or by any trustee, depository or custodian shall be deposited in a separate account and shall be immediately subject to the lien of such pledge without physical delivery thereof or further act, and the lien of such pledge shall be valid and binding against all parties having claims of any kind in tort, contract or otherwise against the government of Guam or such trustee, depository or custodian, irrespective of whether the parties have notice thereof. The certificate or agreement by which such pledge is created need not be recorded. All such revenues, to the extent so pledged, are hereby continuously appropriated for such purpose.