7 Guam Code Ann. § 9512
Terms Used In 7 Guam Code Ann. § 9512
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
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7 Guam Code Ann. CIVIL PROCEDURE
CH. 9.5 JUDICIAL BUILDING FUND
(a) (1) The Judicial Council is further authorized to enter into a financing arrangement to include a loan agreement or line of credit on behalf of the government of Guam to provide for:
(A) Judiciary of Guam facility repairs, improvements, and acquisition of real property;
(B) any projects or acquisitions delineated in the Judiciary of Guam Master Plan approved by Judicial Council Resolution No. JC 10-021;
(C) repair of the Gregorio G. Perez Crime Lab not to exceed
Three Hundred Fifty Thousand Dollars ($350,000); and
(D) purchase of computer equipment and case management software for the Office of the Attorney General of Guam not to exceed Three Hundred Fifty Thousand Dollars ($350,000).
(2) The terms of the loan agreement or line of credit authorized under this Section shall be approved by the Judicial Council and shall be subject to approval of the secured creditor of the Judicial Building Fund. The Judicial Council is authorized when obtaining the financing authorized by this Section to consolidate such loan amount with the existing obligations of the Judicial Building Fund up to a maximum total of Fifteen Million Dollars ($15,000,000). Repayment of any loan shall be made utilizing funds from the Judicial Building Fund, and may be secured by a pledge of the Judicial Building Fund.
(b) The amounts earmarked for the Guam Police Department and the Office of the Attorney General of Guam shall be disbursed by the Judiciary pursuant to a Memorandum of Understanding with the Judiciary of Guam no later than one (1) year after the loan proceeds are available.
(c) The Judicial Council shall, without jeopardizing reserves for existing obligations, be required to maintain reserves sufficient to assure that loan installments, if any, are paid on time; for emergency maintenance; for extensions to facilities; and for replacement of short-lived assets with a useful life significantly less than the repayment period of any loan or the term, or any other financial arrangement.
(d) Section 50103(k) of Article 1, Chapter 50 of Title 12, Guam Code Ann. shall not apply to the loans obtained pursuant to this Chapter.
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7 Guam Code Ann. CIVIL PROCEDURE
CH. 9.5 JUDICIAL BUILDING FUND
(e) The term of the loan authorized by this Section, including any consolidation with existing obligations of the Judicial Building Fund under the loan authorized and outstanding under § 9510(a), shall not exceed forty (40) years from the date of the loan or consolidation.
(f) Waiver of Sovereign Immunity. Notwithstanding any substantive or procedural provision of Chapter 6 of Title 5, Guam Code Ann., the government of Guam shall not be entitled to immunity from any suit or action in contract on any indebtedness authorized hereby. For the purposes of this provision only, immunity is waived as to the award of attorney fees and related costs in connection with any suit brought to enforce any right or obligation incurred under the loan authorized hereby, or in connection with the enforcement of any agreement, note or pledge that arises directly from the indebtedness authorized hereby.
SOURCE: Added by P.L. 33-066:XII:31 (Sept. 5, 2015).
2016 NOTE: Subsection and subitem designations were added to adhere to the
Compiler’s general codification and alpha-numeric schemes pursuant to 1 Guam Code Ann. § 1606.
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