Authorization to Enter into Long-Term Leases

(a)For the purpose of facilitating the financing of the design, construction and maintenance of an Education Facility encompassed by this Act, the government of Guam or an Education Agency, as the case may be, is authorized to lease, if required, to the Contractor sufficient government of Guam real property on which to construct, convert or rehabilitate an Education Facility and to extend an existing lease of real estate to the Contractor.

(b)The Education Agency is also authorized to lease back from the Contractor the property for a period mutually agreed upon between the Education Agency and the Contractor as may be reasonably necessary to amortize over the Lease-Back Period the costs associated with the financing, design and construction of the Education Facility. In no event shall the end of such Lease-Back Period be later than seventeen

(17)years from the scheduled date of completion of the Education Facility. The Lease-Back shall be structured as an annually renewable lease with a provision for automatic renewals to the extent that pledged revenue under § 58B105 is available. COL372014 CH. 58B – EXPANSION OF OKKODO HIGH SCHOOL

(c)The additions and improvements to Okkodo High School shall include the expansion of classrooms to accommodate the overcrowding, restroom facilities at all outdoor sports fields, additional restrooms required by public health due to the increase in student population, solar panels, the culinary arts building, signalization, the track and field track with proper turf, collateral equipment, and other projects needed to facilitate the expansion to accommodate the increase in student population.