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12 Guam Code Ann. AUTONOMOUS AGENCIES
CH. 68 HOSPITAL FACILITIES FINANCE ACT

Bonds or notes may be issued in accordance with the provisions of this Chapter pursuant to an indenture approved or adopted by the Board and approved as well by the Governor and the Legislature by resolution. Such indenture, which may be secured by a trust agreement by and between the Board and a Federal Reserve member trustee bank, may include any and all covenants and agreements on the part of the Authority as are authorized by this Chapter or as the Board deems necessary or advisable for the better security of the bonds issued thereunder, including, without limiting the generality of the foregoing the power to pledge or assign all or any part of the revenues of the Board received pursuant to this Chapter, including, without limitation, fees, rents, charges, insurance proceeds, condemnation awards and any other revenues and funds received in connection with any hospital facilities, and may also mortgage any hospital facility, or part thereof, as additional security for any bonds issued under this Division. Such indenture may contain such provisions for protecting and enforcing the rights and remedies of the holders of any such bonds or notes as may be reasonable and proper and not in violation of law, including covenants setting forth the duties of the Board in relation to the purposes to which bond or note proceeds may be applied, the disposition or pledging of the revenues of the Board, the duties of the Board with respect to the acquisition, construction, maintenance, repair and operation of any hospital facilities, the fees, rents and charges to be fixed and collected in connection therewith, the terms and conditions for the issuance of additional bonds or notes, and the custody, safeguarding and application of all moneys. It shall be lawful for any Federal Reserve member trustee bank which may act as depositary of the proceeds of bonds or notes, revenues or other money hereunder to furnish such indemnifying bonds or to pledge such securities as may be required by the Board. Any such indenture may set forth the rights and remedies of the holders of any bonds or notes and of the trustee, and may restrict the individual right of action by any such holders. Such indenture may also contain such other provisions as the Board may deem reasonable and proper for the security of the holders of any bonds or notes. Expenses incurred in carrying out the provisions of such indenture as well as any service charges to the Corporation may be treated as a part of the cost of any hospital facilities or paid from the revenues pledged or assigned to the payment of the principal of and the interest on bonds or notes or from any other funds available to the Board. In addition to the foregoing, the indenture may provide that the Governor

COL120106
12 Guam Code Ann. AUTONOMOUS AGENCIES
CH. 68 HOSPITAL FACILITIES FINANCE ACT

and the Director of Revenue and Taxation and all other officers and agencies of the Territory shall be bound by all the covenants and agreements on the part of the Board set forth in such indenture and that such officers will also perform all such covenants and agreements which, under the Organic Act or any provision of this Code or any other statute of the Territory, can be taken for or on behalf or in lieu of the Board only by the Governor, the Director of Revenue and Taxation, or such other officer or agency.
SOURCE: GC §53608.10, as added by P.L. 12-69.