Approval of 2020 Certificates

I Liheslaturan Guåhan, pursuant to § 50103(k) of Title 12, Guam Code Annotated, hereby approves the terms and conditions of the execution and delivery of the 2020 Certificates of Participation (John F Kennedy High School Project) (2020 Certificates) for the purpose of

(a)refunding all or a portion of the 2010A Certificates of Participation (John F. Kennedy High School Project) (prior certificates);

(b)financing costs of issuance;

(c)financing any debt service reserve funds, or other reserves, if applicable;

(d)financing capitalized interest, if applicable, in accordance with the following requirements, limitations, terms and conditions; and

(e)financing additional capital improvements to an Education Facility, including, but not limited to, solar installations, in accordance with the following requirements, limitations, terms and conditions:

(a)all obligations of the government to pay debt service with respect to, and the prepayment price of, the prior certificates refunded shall be discharged concurrently with the execution and delivery of the 2020 Certificates. Thereafter, such prior certificates shall be payable solely from and secured solely by an escrow established for such purpose in accordance with the existing trust agreement relating to the prior certificates;

(b)the sale of the 2020 Certificates shall be approved by the Board of Directors of the Guam Economic Development Authority COL5/19/2021 CH. 58A - Ma Kåhat Act of 2008

(GEDA)as provided in Chapter 50, Title 12, Guam Code Annotated;

(c)solely with respect to the portion of the debt service relating to the refunding of the prior certificates, the present value in the aggregate of debt service of the government’s obligations with respect to such new leases or amendments to leases shall be at least two percent (2%) less than the present value in the aggregate of debt service on the prior certificates, using the yield on the 2020 Certificates as the discount rate; and

(d)no increase in the amount of outstanding “public indebtedness” as that term is used in 48 U.S.C. § 1423a (§ 11 of the Organic Act of Guam) shall result from the execution of any such new leases or amendments to leases.