Application of Proceeds of 1997 Series A Bonds and

Other Amounts. The proceeds received from the issuance of the 1997 Series A Bonds shall be deposited in trust with the Trustee, who shall forthwith

(1)transfer $________of such proceeds to First Hawaiian Bank, as Trustee for the Government of Guam Limited Obligation Infrastructure Improvement Bonds, 1989 Series A (the Series 1989 Bonds), to be held for payment and discharge of the Series 1989 Bonds;

(2)transfer $__________ of such proceeds to Bank of Hawaii, to repay the loan (the “Bank Loan”) made by such bank to the Government pursuant to that certain Loan COL4/6/2022 CH. 22 GENERAL FISCAL POLICIES AND CONTROLS Agreement dated as of June ____, 1997, relating to the Bank Loan, and

(3)set aside the balance of such proceeds in the following respective funds and amounts and in the following order of priority:

(A)in the Bond Fund, $_______, representing the amount of interest accrued to the date of delivery of the 1997 Series A Bonds;

(B)in the Bond Reserve Fund ,$_____, representing a portion of the amount required to establish the amount in the Bond Reserve Fund at the Bond Reserve Fund Requirement; and

(C)in the Construction Fund held by the Depositary, the balance of said proceeds. In addition, the Trustee shall deposit, from transferred proceeds of the Series 1989 Bonds and the Bank Loan, the following amounts in the following respective funds:

(i)in the Bond Reserve Fund, $ ______, representing the amount required to increase the amount in the Bond Reserve Fund to the Bond Reserve Fund Requirement; and

(ii)in the Construction Fund the balance of such transferred proceeds.