Leaseback Payments Under the Lease Payable

CH. 58D MA KÅHAT ACT OF 2013 from Lawfully Available Monies.

(a)Payments under the lease and the leaseback may be secured by a pledge or other reservation of revenues payable from any lawfully available monies of the government of Guam, and may be secured by a pledge or other reservation of such monies on an annual basis.

(b)Any amounts pledged or reserved as provided in this Section and subsequently appropriated for the purpose of making leaseback payments may thereafter be pledged toward making leaseback payments; provided, however, that any amounts reserved as provided in this Section shall be subject to an annual appropriation by the Guam Legislature for the purpose of funding the activities set forth in § 58D104 of this Chapter, and making leaseback payments.

(c)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 the sum of Sixteen Million Three Hundred Seventy-seven Thousand One Hundred Twenty-five Dollars ($16,377,125) per year during the pre-development, construction, and leaseback period. The 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 a pledge or reservation is created need not be recorded.