Certain Definitions

The following terms shall have the following meanings when used in this Article:

(a)Hotel tax revenues means all revenues derived from taxes of the type now imposed by § 30101 of Chapter 30 of Title 11 of the Guam Code Annotated. COL4/6/2022 CH. 22 GENERAL FISCAL POLICIES AND CONTROLS

(b)Infrastructure improvement project means any infrastructure improvement project approved in connection with the prior obligations and any infrastructure improvement project subsequently approved by statute for implementation with moneys derived from the prior obligations or from new bonds issued under this Article.

(c)New money bond means a bond issued pursuant to this Article as part of the same issue at the refunding bonds, but for the purpose of providing moneys for one

(1)or more infrastructure improvement projects, funding any necessary bond reserves allocable to the new bonds or paying expenses incurred in connection with the issuance of such new money bonds.

(d)Prior obligations means the outstanding Government of Guam Limited Obligation Infrastructure Improvement Bonds, 1989 Series A, and the payment obligations of the government of Guam (‘Government’) under the loan agreement, dated as of June 20, 1997 by and between the Government and Bank of Hawaii (the ‘Loan Agreement’).

(e)Refunding bond means a bond issued pursuant to this Article for the purpose of providing moneys to redeem or otherwise retire prior obligations, funding any necessary bond reserves allocable to the refunding bonds, or paying expenses incurred in connection with the issuance of such refunding bonds.