5 Guam Code Ann. § 22801
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Terms Used In 5 Guam Code Ann. § 22801
- 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.
In order to fund the payment of income tax refunds due to local taxpayers, the Governor of Guam is authorized to either (i) enter into one (1) or more loan agreements with local banks, as provided in § 22825, or (ii) issue one (1) or more series of general obligation bonds of the government of Guam (the “”Bonds””), in anticipation of the receipt of taxes and other revenue.