The Authority shall have all the powers necessary and convenient to carry out and perform the purposes and provisions of this Chapter, except the power to levy and collect taxes or special assessments, including the following, in addition to other powers granted in this Article, and may:

(a) sue and be sued;

(b) have a seal and modify it;

(c) enter into and execute contracts and instruments of every kind and nature, necessary or convenient to the exercise of its powers and functions;

(d) make, and from time to time modify and repeal, bylaws, rules and regulations, not inconsistent with this Article, providing for the internal organization and management of the Authority, for the administration of its

affairs and operations, and for carrying into effect the powers and purposes of the Authority;

(e) borrow money from public and private sources and give such security therefor as may be required;

(f) apply for and accept advances, loans, grants, contributions, gifts, donations, appropriations of funds and any other form of financial assistance from the Federal Government, the government of Guam, or other public body of agency, or from any sources, public or private, for the purposes of this Article, and enter into and carry out contracts in connection therewith;

(g) deposit funds in banking institutions which are members of the Federal Deposit Insurance Corporation;

(h) invest funds in property or securities approved for investment by the Federal Government or the government of Guam;

(i) therein, by lease, option, purchase, gift, grant, donation, appropriation, bequest, devise or by the exercise of eminent domain or otherwise;

(j) own, hold, improve, clear or prepare for redevelopment any such property;

(k) sell, lease, exchange, transfer, assign, mortgage, pledge or otherwise dispose of, or encumber any real or personal property, or any interest or estate in such;

(l) acquire by condemnation any interest in real property, including a fee simple title thereto, which the Authority may deem necessary for, or in connection with, any project under this Article; provided, that as a condition to the exercise of the power of eminent domain to acquire any real property or interest therein which the Authority may deem necessary for its purposes under this Article, the Authority shall first adopt a resolution finding and declaring that the acquisition of such property is necessary for such purposes;

(m) exercise the power of eminent domain in the manner now or which may be hereafter provided by law for the exercise of such power by the government of Guam, except that the complaint in eminent domain proceedings shall be brought in the name of and on behalf of the Authority as plaintiff and title to the property shall vest in the Authority;

(n) notwithstanding any other provision of law, to establish zones and boundaries, after public hearing, regulating buildings and structures and the nature and extent of their use, so that the Project may be developed in an orderly manner in accordance with the Plan.

(o) provide or arrange or contract for the furnishing or repair by any person or agency, public or private, of services, privileges, works, streets, roads, public utilities or other facilities of every kind and nature, for and in connection with the preparation, planning, development, construction, operation and disposition of the Project;

(p) install, construct and reconstruct streets, utilities, parks, playgrounds and other public improvements;

(q) insure or provide for the insurance, in any stock or mutual company or any public or private insurance facility, of any real or personal property or operations of the Authority, against any risks and hazards;

(r) cooperate with, and participate in activities of local, regional or national agencies, organizations, institutions or other official or unofficial bodies engaged in the same related fields;

(s) lease any dwellings, accommodations, land, structures or facilities embraced in the Project;

(t) clear or prepare any property owned by it for redevelopment, conservation or rehabilitation;

(u) make such expenditures, subject to the provisions of this Article or any other applicable law, regulation or restriction, as may be necessary for the activities and operations of the Authority and carry out the purposes of this Article; and(v) conduct examinations and investigation on any matters material to the functions or operations of the Authority.

SOURCE: Added by P.L. 24-110:2 (Nov. 21, 1997).

2012 NOTE: In maintaining the general codification scheme of the GCA the Compiler changed the hierarchy of subsections beginning with “”Numbers”” to “”Lowercase Letters”” in this section.

§ 79304. Approval by the Governor and the Guam
Legislature.

The Authority shall submit the Plan to the Governor who, if he approves the same, shall transmit the Plan to the Guam Legislature in the form of a bill for adoption, amendment, modification or rejection by the Guam Legislature. Such Plan shall not be effective until either approved by statute or it shall have complied with the provisions of this law and forty-five (45) calendar days have elapsed from the date of receipt by the Guam Legislature of its transmittal, and two (2) legislative days have elapsed after the elapse of the forty-five (45) calendar days. The Legislative Secretary may request that the Authority submit all or part of the record of any public hearings on the Plan. The Guam Legislature may approve, disapprove or amend said Plan so transmitted within the combined period of the forty-five (45) calendar days and two (2) legislative days.

SOURCE: Added by P.L. 24-110:2 (Nov. 21, 1997).

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ARTICLE 4
BONDS