Except to the extent otherwise permitted or required by an indenture or any contract relating to indebtedness issued or incurred by the

COL1312018
12 Guam Code Ann. AUTONOMOUS AGENCIES
CH. 10 PORT AUTHORITY OF GUAM

Authority, the Authority shall set rates and charges that shall at all times be fixed to yield annual revenues at least equal to:

(a) the annual principal payments and interest charges and reserve fund requirements on all bonds at any time issued and outstanding hereunder;

(b) the annual system operation and maintenance costs; and

(c) the annual principal payments and interest charges on all other outstanding indebtedness issued by the Authority. An indenture or contract of indebtedness may provide for payment from revenues of refunds of rates and charges that are collected in error and that are refundable by the Authority.

SOURCE: Added by P.L. 13-087:1 (Oct. 31, 1975) as GC § 14053. Codified as
12 Guam Code Ann. § 10204, entitled Rates and Charges. Repealed and reenacted by P.L. 34-
070:2 (Dec. 7, 2017).

§ 10205. Validity of Authorization and Issuance of Bonds and
Incurring of Other Indebtedness.

The validity of the authorization and issuance of or incurrence by the Authority of any bonds is not dependent on nor affected in any way by:

(a) proceedings taken by the Authority for the acquisition, construction or improvement of the system or any part thereof;

(b) any contracts made by the Authority in connection with the acquisition, construction or improvement of the system or any part thereof; or

(c) the failure to complete the system or any part thereof for which bonds are authorized to be issued.

SOURCE: Added by P.L. 13-087:1 (Oct. 31, 1975) as GC § 14054. Codified as
12 Guam Code Ann. § 10205. Repealed and reenacted by P.L. 34-070:2 (Dec. 7, 2017).

2017 NOTE: This section was originally enacted as Bonds: Maximum Amount; Purpose and Term of, which was reenacted by P.L. 34-070:2 (Dec. 7, 2017) as 12
GCA § 10207, Board to Declare Purpose and Maximum Amount of Bonds to be
Issued.