12 Guam Code Ann. § 81105
Terms Used In 12 Guam Code Ann. § 81105
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
12 Guam Code Ann. AUTONOMOUS AGENCIES
CH. 81 GEDCA TOBACCO SETTLEMENT REVENUE BOND ACT
(a) In addition to the powers contained elsewhere in this Division, the board has all power necessary, useful or appropriate to administer the functions of the Authority under this Chapter and to effectuate the purposes of this Chapter, including, but not limited to, the power to:
(1) have perpetual succession, subject to termination by amendment of this Division only after the date on which no bonds issued under this Chapter are outstanding, plus one (1) year and one (1) day thereafter;
(2) sue and be sued in its own name;
(3) adopt, promulgate, amend and repeal bylaws, not inconsistent with provisions in this Chapter;
(4) enter into contracts, arrangements, agreements and other instruments necessary or convenient to the exercise of the powers granted in this Chapter;
(5) enter into agreements relating to the tobacco trust funds for the purpose of managing and controlling the transfer of funds between the Authority and the tobacco trust funds, and governing the investment and the monitoring and record keeping of these funds, for purposes of maintaining the exemption from Federal income tax of interest on bonds and for other purposes;
(6) enter into, amend and terminate agreements in the nature of interest rate swaps, forward security supply contracts, agreements for the management of interest rate risks, agreements for the management of cash flow, and other agreements of a similar nature, with respect to bonds issued pursuant to this Chapter;
(7) arrange for insurance, guarantees, letters of credit, and other forms of collateral or security, or credit support from any public or private entity for the payment of any bonds, including the power to pay premiums or fees on any insurance, guarantees, letters of credit, and other forms of collateral or security, or credit support; provided, however, that any reimbursement obligation of the Authority under such arrangement shall be payable solely from the same sources as debt service on the bonds is payable;
(8) enter into contracts and expend funds to obtain accounting, management, legal, financial consulting, trusteeship and
COL05272011 4
12 Guam Code Ann. AUTONOMOUS AGENCIES
CH. 81 GEDCA TOBACCO SETTLEMENT REVENUE BOND ACT
other professional services necessary or convenient to the operations of the Authority;
(9) direct the escrow agent with respect to the disbursement to the Authority, or its designee, of the tobacco receipts, and receive and accept the tobacco receipts;
(10) invest funds held by the Authority under this Chapter in any investment permitted by the indenture under which the bonds are issued;
(11) direct the Attorney General of the government to enforce in the name of the government or the Authority, and if permissible, to enforce directly through the Authority=s own attorneys in the name of the government or the Authority, the Master Settlement Agreement, but the board may not give any approval of any amendment to the Master Settlement Agreement without the approval of I Liheslaturan Guåhan [Guam Legislature]; and
(12) do all other things necessary or convenient to exercise powers granted or reasonably implied by this Chapter.
(b) The Authority is an independent public instrumentality of the government, and the exercise of its powers pursuant to this Chapter is an essential governmental function. Notwithstanding any other provision of law, the Authority is not authorized, and no public officer, organization, entity or other person shall authorize the Authority, to become a debtor in a case under the United States Bankruptcy Code (Title 11 of the United States Code), to make an assignment for the benefit of creditors, or to become the subject of any similar case or proceeding. The provisions of this Subsection (b) are for the benefit of the holders of any bonds and are a part of the contractual obligation owed to such bondholders, and the government shall not modify or delete the provisions of this Subsection (b) before the date, which is one (1) year and one (1) day after the Authority no longer has any bonds outstanding.