Authorization to Borrow

The Judicial Council is authorized by this Section to enter into a loan agreement on behalf of the Government of Guam for the sole purpose of financing the planning, construction, furnishing and equipment of a new Judicial Building and to secure such loan by proceeds from the Judicial Building Fund, and, if necessary, to secure repayment of the loan by mortgage on the building. The Judicial Council shall enter into such an agreement subject to the concurrence of the I Maga’håga/Maga’låhi in writing and I Liheslatura by statute, and the members shall not incur any personal liability for any loan agreement lawfully entered into. The loan agreement shall become effective as of the date I Liheslatura concurs by statute. Title 12 GCA 2103(k) shall not apply to the loan obtained pursuant to this Chapter.