48 U.S.C. § 1423a — Power of legislature; limitation on in-

Page 111 TITLE 48—TERRITORIES AND INSULAR POSSESSIONS § 1423a SUBCHAPTER III—THE LEGISLATURE § 1423. Legislature of Guam (a) Unicameral nature; power The legislative power and authority of Guam shall be vested in a legislature, consisting of a single house, to be designated the ‘‘Legislature of Guam’’, herein referred to as the legislature. (b) Size of legislature; prohibition against denial of equal protection; at large and district rep- resentation The legislature shall be composed of not to ex- ceed twenty-one members, to be known as sen- ators, elected at large, or elected from legisla- tive districts or elected in part at large and in part from legislative districts, as the laws of Guam may direct: Provided, That any districting and any apportionment pursuant to this author- ization and provided for by the laws of Guam shall not deny to any person in Guam the equal protection of the laws: And provided further, That in any elections to the legislature, every elector shall be permitted to vote for the whole number of at-large candidates to be elected, and every elector residing in a legislative district shall be permitted to vote for the whole number of candidates to be elected within that district. (c) Reapportionment; Federal census base Any districting and related apportionment pursuant to this section shall be based upon the then most recent Federal population census of Guam, and any such districting and apportion- ment shall be reexamined following each succes- sive Federal population census of Guam and shall be modified, if necessary, to be consistent with that census. (d) Timing of biennial elections General elections to the legislature shall be held on the Tuesday next after the first Monday in November, biennially in even-numbered years. The legislature in all respects shall be or- ganized and shall sit according to the laws of Guam. (Aug. 1, 1950, ch. 512, § 10, 64 Stat. 387; Pub. L. 89–552, § 1, Sept. 2, 1966, 80 Stat. 375; Pub. L. 98–213, § 5(b), Dec. 8, 1983, 97 Stat. 1460.) Editorial Notes AMENDMENTS 1983—Subsec. (c). Pub. L. 98–213 substituted ‘‘Any’’ for ‘‘The laws of Guam shall not alter the manner in which members of the legislature are to be elected as provided in subsection (b) of this section more often than at ten- year intervals: Provided, That any’’. 1966—Pub. L. 89–552 authorized election of senators in whole or in part from legislative districts if the laws of Guam so directed, provided that the legislators be called senators, prohibited any districting or appor- tionment which denied equal protection of the laws to any person in Guam, required that electors be per- mitted to vote for the whole number of candidates to be elected both within his district and at large, prohibited reapportionment oftener than at 10-year intervals, and required that any redistricting be based upon the latest Federal census. Statutory Notes and Related Subsidiaries AMENDMENT OF LAWS OF GUAM TO CONFORM TO CHANGES MADE BY PUB. L. 89–552 Pub. L. 89–552, § 2, Sept. 2, 1966, 80 Stat. 376, provided that: ‘‘As soon as practicable after enactment of this Act [Sept. 2, 1966], and subject to the conditions and re- quirements of section 10 of the Organic Act of Guam, as amended by section 1 hereof [this section], the laws of Guam shall be amended to make provision for the man- ner of the election of members of the legislature. Until the laws of Guam shall make such provision the meth- od of electing the legislature shall remain as it is upon the date of enactment of this Act.’’ § 1423a. Power of legislature; limitation on in- debtedness of Guam; bond issues; guarantees for purchase by Federal Financing Bank of Guam Power Authority bonds or other obli- gations; interest rates; default The legislative power of Guam shall extend to all rightful subjects of legislation not incon- sistent with the provisions of this chapter and the laws of the United States applicable to Guam. Taxes and assessments on property, in- ternal revenues, sales, license fees, and royalties for franchises, privileges, and concessions may be imposed for purposes of the government of Guam as may be uniformly provided by the Leg- islature of Guam, and when necessary to antici- pate taxes and revenues, bonds and other obliga- tions may be issued by the government of Guam: Provided, however, That no public indebtedness of Guam shall be authorized or allowed in excess of 10 per centum of the aggregate tax valuation of the property in Guam. Bonds or other obliga- tions of the government of Guam payable solely from revenues derived from any public improve- ment or undertaking shall not be considered public indebtedness of Guam within the meaning of this section. All bonds issued by the govern- ment of Guam or by its authority shall be ex- empt, as to principal and interest, from taxation by the Government of the United States or by the government of Guam, or by any State or Territory or any political subdivision thereof, or by the District of Columbia. The Secretary of the Interior (hereafter in this section referred to as ‘‘Secretary’’) is authorized to guarantee for purchase by the Federal Financing Bank bonds or other obligations of the Guam Power Author- ity maturing on or before December 31, 1978, which shall be issued in order to refinance short- term notes due or existing on June 1, 1976 and other indebtedness not evidenced by bonds or notes in an aggregate amount of not more than $36 million, and such bank, in addition to its other powers, is authorized to purchase, receive or otherwise acquire these same. The interest rate on obligations purchased by the Federal Fi- nancing Bank shall be not less than a rate deter- mined by the Secretary of the Treasury taking into consideration the current average market yield on outstanding marketable obligations of the United States of comparable maturities, ad- justed to the nearest one-eighth of 1 per centum, plus 1 per centum per annum. The Secretary, with the concurrence of the Secretary of the Treasury, may extend the guarantee provision of the previous sentence until December 31, 1980. The Secretary, upon determining that the Guam Power Authority is unable to refinance on rea- Page 112 TITLE 48—TERRITORIES AND INSULAR POSSESSIONS § 1423b sonable terms the obligations purchased by the Federal Financing Bank under the fifth sentence of this section by December 31, 1980, may, with the concurrence of the Secretary of the Treas- ury, guarantee for purchase by the Federal Fi- nancing Bank; and such bank is authorized to purchase, obligations of the Guam Power Au- thority issued to refinance the principal amount of the obligations guaranteed under the fifth sentence of this section. The obligations that re- finance such principal amount shall mature not later than December 31, 1990, and shall bear in- terest at a rate determined in accordance with section 2285 of title 12. At the request of the Board of Directors of the Guam Power Author- ity for a second refinancing agreement and con- ditioned on the approval of the Government of Guam pursuant to the law of Guam, and condi- tioned on the establishment of an independent rate-making authority by the Government of Guam, the Secretary may guarantee for pur- chase by the Federal Financing Bank, on or be- fore December 31, 1984, according to an agree- ment that shall provide for— (a) substantially equal semiannual install- ments of principal and interest; (b) maturity of obligations no later than De- cember 31, 2004; (c) authority for the Secretary, should there be a violation of a provision of this legislation, or covenants or stipulations contained in the refinancing document and after giving sixty days notice of such violation to the Guam Power Authority and the Governor of Guam, to dismiss members of the Board of Directors or the general manager of the Guam Power Authority, and (1) appoint in their place mem- bers or a general manager who shall serve at the pleasure of the Secretary, or (2) contract for the management of the Guam Power Au- thority; and (d) an annual simple interest rate of seven per centum; and the Federal Financing Bank shall purchase such Guam Power Authority obligations if such Guam Power Authority obligations are issued to refinance the principal amount scheduled to ma- ture on December 31, 1990. Should such second refinancing occur, (1) the independent rate-mak- ing authority to be established by the Govern- ment of Guam, or in its absence, the Board of Directors of the Guam Power Authority, shall establish rates sufficient to satisfy all financial obligations and future capital investment needs of the Guam Power Authority that shall be con- sistent with generally accepted rate-making practices of public utilities, and (2) the Govern- ment of Guam shall not modify the require- ments of such refinancing agreement without agreement of the Secretary. There are author- ized to be appropriated to the Secretary of the Interior for payment to the Federal Financing Bank such sums as are necessary to pay (1) the repurchase payment required under the fifth paragraph of the December 31, 1980, note from the Guam Power Authority to the Federal Fi- nancing Bank and any subsequent repurchase payments required under the second refinancing agreement, and (2) the interest rate differential between the seven per centum to be paid by the Guam Power Authority and the second refi- nancing agreement and the interest rate that would otherwise be determined in accordance with the above cited section 2285 of title 12. Should the Guam Power Authority fail to pay in full any installment of interest or principal when due on the bonds or other obligations guaranteed under this section, the Secretary of the Treasury, upon notice from the Secretary shall deduct and pay to the Federal Financing Bank or the Secretary, according to their re- spective interests, such unpaid amounts from sums collected and payable pursuant to section 1421h of this title. Notwithstanding any other provision of law, Acts making appropriations may provide for the withholding of any pay- ments from the United States to the govern- ment of Guam which may be or may become due pursuant to any law and offset the amount of such withheld payments against any claim the United States may have against the government of Guam or the Guam Power Authority pursuant to this guarantee. For the purpose of this chap- ter, under section 3713(a) of title 31 the term ‘‘person’’ includes the government of Guam and the Guam Power Authority. The Secretary may place such stipulations as he deems appropriate on the bonds or other obligations he guarantees. (Aug. 1, 1950, ch. 512, § 11, 64 Stat. 387; Pub. L. 94–395, Sept. 3, 1976, 90 Stat. 1199; Pub. L. 96–205, title III, § 303, Mar. 12, 1980, 94 Stat. 88; Pub. L. 98–454, title II, § 203, Oct. 5, 1984, 98 Stat. 1733; Pub. L. 105–291, § 4, Oct. 27, 1998, 112 Stat. 2786.) Editorial Notes CODIFICATION ‘‘Section 3713(a) of title 31’’ substituted in text for ‘‘section 3466 of the Revised Statutes (31 U.S.C. 191)’’ on authority of Pub. L. 97–258, § 4(b), Sept. 13, 1982, 96 Stat. 1067, the first section of which enacted Title 31, Money and Finance. AMENDMENTS 1998—Pub. L. 105–291 substituted ‘‘rightful subjects of legislation’’ for ‘‘subjects of legislation of local applica- tion’’ in first sentence. 1984—Pub. L. 98–454 inserted provisions relating to au- thority of Secretary to guarantee for purchase by the Federal Financing Bank, obligations of the Guam Power Authority to be used for a second refinancing of the principal amount due to mature on December 31, 1990. 1980—Pub. L. 96–205 substituted provisions relating to guarantees by the Secretary of the purchase by the Federal Financing Bank of the refinancing obligations of the Guam Power Authority where such refinancing obligations remain outstanding by Dec. 31, 1980, for pro- visions relating to payment of interest and default on maturity of guaranteed bonds or other obligations issued prior to Dec. 31, 1980. 1976—Pub. L. 94–395 inserted provisions relating to au- thority of Secretary of the Interior to guarantee for purchase by the Federal Financing Bank bonds or other obligations of the Guam Power Authority maturing on or before Dec. 31, 1978. § 1423b. Selection and qualification of members; officers; rules and regulations; quorum The legislature shall be the judge of the selec- tion and qualification of its own members. It shall choose from its members its own officers, determine its rules and procedure, not incon- sistent with this chapter, and keep a journal.