5 GCA § 22960: Approval of Terms and Conditions.

Title 12 Guam Code Annotated § 50103(k) also provides that GEDA shall not sell any bond without the approval of the Guam Legislature of the terms and conditions of the issuance of the bonds. The Guam Legislature hereby approves the issuance, terms and conditions of the bonds authorized by this Article in an aggregate principal amount not to exceed Eighty Million Dollars ($80,000,000), with a final maturity not exceeding twenty (20) years and bearing interest at fixed rates not exceeding seven percent (7%) per annum. The bonds shall be issued pursuant to an indenture in substantially the form of the indenture presented to this Legislature as evidenced by the attached “Exhibit A” made part of this Act.