12 Guam Code Ann. § 82201
Terms Used In 12 Guam Code Ann. § 82201
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Revolving credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or open-end credit.) Source: OCC
- Trustee: A person or institution holding and administering property in trust.
(a) Authority means the Guam Streetlight Authority.
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(b) Board means the governing board of the Authority.
(c) Bond means bonds, notes or other evidences of indebtedness of the Authority, issued by the Authority pursuant to this Chapter.
(d) Bondholder or holder of bonds, or any similar term, means any person who shall be:
(1) the bearer of any outstanding bond or bond registered to bearer or not registered; or
(2) the registered owner of any such outstanding bond or bond which shall at the time be registered other than to bearer.
(e) Cost means:
(1) the cost of acquisition, construction, reconstruction, installation, repair, alteration or improvement of a project;
(2) the cost of lands, rights-in-lands, easements, privileges, agreements, franchises, utility extensions, disposal facilities, access roads, and site development deemed by the Authority to be necessary or useful and convenient for any project or in connection therewith;
(3) discount on bonds, costs of issuance of bonds, engineering and inspection costs, costs of financial, legal, professional and other estimates and advice;
(4) organization, administrative, insurance, guarantee, operating and other expenses of the Authority or any person prior to and during any acquisition or construction, and all such expenses of the Authority or any person prior to and during any acquisition or construction, and all such expenses as may be necessary or incident to the financing, acquisition, construction or completion of any project or part thereof; and
(5) such provision for payment or security of principal of or interest on bonds (including reserve for such purposes) during or after such acquisition or construction as the Authority may determine.
(f) Credit provider means any municipal bond insurance company, bank or other financial institution or organization that is
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performing in all material respects its obligations under any credit support arrangements for some or all of the bonds.
(g) Credit provider reimbursement agreement means any agreement providing for the Authority to repay, from revenues, amounts advanced by a credit provider as credit support for bonds.
(h) Credit support means a policy of insurance, a letter of credit, a stand-by purchase agreement, revolving credit agreement or other credit arrangement pursuant to which a credit provider provides credit or liquidity support with respect to the payment of interest, principal or the purchase price of any bonds.
(i) Indenture means an agreement pursuant to which bonds are issued, regardless of whether such agreement is expressed in the form of a resolution of the Board or by other instrument.
(j) Organic Act means the Organic Act of Guam, as amended, and in effect on the effective date of this Article (Title 48,
§1421 et seq. of the United States Code.).
(k) Person includes any individual, firm, corporation, association, partnership, trust, business trust or receiver or trustee or conservator for any thereof, and also includes the United States, Guam, or any public corporation, political subdivision, city, county or district or any agency or instrumentality of the United States or of Guam.
(l) Project means the acquisition, construction, installation, equipping, repair, replacement, alteration or improvement of energy efficient streetlights for any public thoroughfare in Guam, whether or not in existence or under construction.
(m) Revenue means
(1) receipts, fees, rentals or other payments to be received on account of lease, mortgage conditional sale or sale, and payments and other income derived from the lease, sale or other disposition of a project;
(2) money in such reserve and insurance funds or accounts or other funds and accounts (and income from the investment thereof) established in connection with the issuance of bonds for a project or projects; and
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(3) fees, charges or other money to be received by the Authority with respect to projects and contracts with persons related to projects.
(n) United States means the United States of America.