Authorization to Enter Into Long-Term Leases

(a)The GDOE is authorized to lease the school property to the Contractor for the purpose of facilitating the financing, construction, FF&E services, and maintenance of the new Simon Sanchez High School.

(b)The GDOE is also authorized to lease back from the Contractor the new Simon Sanchez High School for a period mutually agreed upon between the GDOE and the Contractor as may be reasonably necessary to amortize over the leaseback period the costs associated with the financing, construction, and FF&E services for the new Simon Sanchez High School as provided in this Act. In no event shall the end of such leaseback period be later than the date thirty

(30)years from the scheduled date of completion of the new Simon Sanchez High School. The leaseback may be structured as an annually renewable lease with a provision for automatic renewal to the extent that pledged CH. 58D MA KÅHAT ACT OF 2013 revenue under § 58D109 is available. The leaseback shall not be construed as “public indebtedness,” as that term is defined in 48 USC § 1423a, §11 of the Organic Act of Guam, or Guam law.