Source of and Security for Payment of the Bonds

The bonds of the new issue shall be limited obligations of the Government payable from and secured by a pledge of all or any part of the hotel tax revenues. Any pledge made to secure the bonds shall be valid and binding from the time the pledge is made. The hotel tax revenues received by the Government or any trustee, depository and 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 such trustee, depository or custodian, irrespective of whether the parties have notice thereof. The indenture by which such pledge is created need not be recorded. Hotel tax revenues pledged for the purpose COL4/6/2022 CH. 22 GENERAL FISCAL POLICIES AND CONTROLS of paying the bonds are hereby continuously appropriated for such purpose and for the purposes of paying the charges of any trustee, custodian, depository, auditor or credit enhancement provider for the bonds and any other necessary bond expenses under the indenture. All such revenues not needed for such purpose or for the purpose of paying any bonds issued pursuant to § 1515 of Title 5, Guam Code Annotated, and any expenses relating thereto shall be transferred periodically by any trustee or other fiduciary under the indenture as provided by said § 1515. The obligation to make such transfers shall not be a part of the contract with the bondholders, and shall be subject to the modification by amendment of this § 22952 by I Liheslaturan Guåhan (the Guam Legislature).