Pledge of Section 30 Revenues

Rental payments under the Lease and the Lease-Back shall be secured by a pledge or other reservation of revenues received by or on behalf of the government of Guam from the United States of America pursuant to Section 30 of the Guam Organic Act (48 U.S.C.A. Section 1421h). Any amounts pledged as provided in this Section are hereby continuously appropriated for the purpose of making Lease-Back COL372014 CH. 58B – EXPANSION OF OKKODO HIGH SCHOOL payments, but any amounts only reserved as provided in this Section, and not pledged, shall be subject to annual appropriation for the purpose of making Lease-Back payments. Any such pledge or reservation authorized hereunder shall be valid and binding from the time the pledge or reservation is made and shall be limited to Two Million Nine Hundred Thousand Dollars ($2,900,000) per year during the Lease-Back Period, as prescribed in Section 3 of Public Law 30-178. The Section 30 revenues pledged or reserved and thereafter received by the government of Guam or by any trustee, depository or custodian shall be deposited in a separate account and shall be immediately subject to such reservation or the lien of such pledge without any physical delivery thereof or further act, and such reservation or 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 Guam or such trustee, depository or custodian, irrespective of whether the parties have notice thereof. The instrument by which such pledge or reservation is created need not be recorded. The remainder of the funds from the existing lien, supra, not utilized for this project shall be subject to legislative appropriation.