48 U.S.C. § 1425b — Issuance of notes, bonds, and obligations

Page 119 TITLE 48—TERRITORIES AND INSULAR POSSESSIONS § 1425b essary to effect payment of fair market value at the time of acquisition, if it is determined that, as a result of duress, unfair influence, or other unconscionable actions, fair market value was not paid. (d) Employment of special masters or judges The District Court of Guam may employ and utilize the services of such special masters or judges as are necessary to carry out the intent and purposes hereof. (e) Awards Awards made hereunder shall be judgments against the United States. (f) Limitation on attorney’s fees; violation; pen- alty Attorney’s fees paid by claimants to counsel representing them may not exceed 5 per centum of any additional award. Any agreement to the contrary shall be unlawful and void. Whoever, in the United States or elsewhere, demands or re- ceives any remuneration in excess of the max- imum permitted by this section shall be guilty of a misdemeanor and, upon conviction thereof, shall be fined not more than $5,000 or imprisoned not more than twelve months, or both. A reason- able attorney’s fee may be awarded in appro- priate cases. (g) Availability of documents, records, and writings to court All agencies and departments of the United States Government shall, upon request, deliver to the court any documents, records, and writings which are pertinent to any claim under review. (Pub. L. 95–134, title II, § 204, Oct. 15, 1977, 91 Stat. 1162; Pub. L. 96–205, title III, § 301(a), Mar. 12, 1980, 94 Stat. 87.) Editorial Notes REFERENCES IN TEXT This Act, referred to in subsec. (c), is Pub. L. 95–134, Oct. 15, 1977, 91 Stat. 1159, popularly known as the Om- nibus Territories Act of 1977. For complete classifica- tion of this Act to the Code, see Tables. CODIFICATION Section was not enacted as part of the Organic Act of Guam which comprises this chapter. AMENDMENTS 1980—Subsec. (c). Pub. L. 96–205 struck out provisions prohibiting allowance of interest on additional amounts of award. Statutory Notes and Related Subsidiaries TREATMENT OF CERTAIN AWARDS BY DISTRICT COURT OF GUAM Pub. L. 100–647, title VI, § 6140, Nov. 10, 1988, 102 Stat. 3724, provided that: ‘‘For purposes of the internal rev- enue laws of the United States and Guam, gross income shall not include any amount received pursuant to any claim over which the District Court of Guam has juris- diction by reason of section 204 of Public Law 95–134 [this section] (commonly referred to as the Omnibus Territories Act of 1977). This section shall be effective for taxable years beginning after December 31, 1985.’’ COMMENCEMENT OF CIVIL ACTIONS BEFORE APRIL 1, 1982 Pub. L. 96–205, title III, § 301(b), Mar. 12, 1980, 94 Stat. 87, provided that: ‘‘Any civil action under section 204 of the Omnibus Territories Act of 1977 (91 Stat. 1162) [this section] shall be barred unless it is commenced not later than April 1, 1982.’’ SUBCHAPTER V—PUBLIC HOUSING AND URBAN RENEWAL § 1425. Omitted Editorial Notes CODIFICATION Section, act June 27, 1934, ch. 847, § 214, as added Apr. 23, 1949, ch. 89, § 2(a), 63 Stat. 57, and amended, related to insurance of mortgages on property in Guam. See section 1715d of Title 12, Banks and Banking. § 1425a. Legislative authority to create authori- ties; appointment of members; powers of au- thorities The Legislature of Guam may by law grant to a public corporate authority, existing or to be created by or under such law, powers to under- take urban renewal and housing activities in Guam. Such legislature may by law provide for the appointment, terms of office, or removal of the members of such authority and for the pow- ers of such authority, including authority to ac- cept whatever benefits the Federal Government may make available, and to do all things, to ex- ercise any and all powers, and to assume and ful- fill any and all obligations, duties, responsibil- ities, and requirements, including but not lim- ited to those relating to planning or zoning, nec- essary or desirable for receiving such Federal as- sistance, except that such authority shall not be given any power of taxation, nor any power to pledge the faith and credit of the territory of Guam for any loan whatever. (Pub. L. 88–171, § 1, Nov. 4, 1963, 77 Stat. 304.) Editorial Notes CODIFICATION Section was not enacted as part of the Organic Act of Guam which comprises this chapter. § 1425b. Issuance of notes, bonds, and obligations The Legislature of Guam may by law author- ize such authority, any provision of the Organic Act of Guam [48 U.S.C. 1421 et seq.], or any other Act of Congress to the contrary notwith- standing, to borrow money and to issue notes, bonds, and other obligations of such character and maturity, with such security, and in such manner as the legislature may provide. Such notes, bonds, and other obligations shall not be a debt of the United States, or of Guam other than such authority, nor constitute a debt, in- debtedness, or the borrowing of money within the meaning of any limitation or restriction on the issuance of notes, bonds, or other obliga- tions contained in any laws of the United States applicable to Guam or to any agency thereof. (Pub. L. 88–171, § 2, Nov. 4, 1963, 77 Stat. 304.) Editorial Notes REFERENCES IN TEXT The Organic Act of Guam, referred to in text, is act Aug. 1, 1950, ch. 512, 64 Stat. 384, which is classified gen- Page 120 TITLE 48—TERRITORIES AND INSULAR POSSESSIONS § 1425c erally to this chapter. For complete classification of this Act to the Code, see Short Title note set out under section 1421 of this title and Tables. CODIFICATION Section was not enacted as part of the Organic Act of Guam which comprises this chapter. § 1425c. Authorization of loans, conveyances, etc. The Legislature of Guam may by law assist such authority by furnishing, or authorizing the furnishing of, cash donations, loans, convey- ances of real and personal property, facilities, and services, and otherwise, and may by law take other action in aid of urban renewal or housing or related activities. (Pub. L. 88–171, § 3, Nov. 4, 1963, 77 Stat. 304.) Editorial Notes CODIFICATION Section was not enacted as part of the Organic Act of Guam which comprises this chapter. § 1425d. Ratification of prior act Each and every part of Public Law 6–135, ap- proved December 18, 1962, heretofore enacted by the Legislature of Guam dealing with any part of the subject matter of sections 1425a to 1425e of this title and not inconsistent therewith is rati- fied and confirmed. (Pub. L. 88–171, § 4, Nov. 4, 1963, 77 Stat. 304.) Editorial Notes CODIFICATION Section was not enacted as part of the Organic Act of Guam which comprises this chapter. § 1425e. Additional powers Powers granted herein shall be in addition to, and not in derogation of, any powers granted by other law to, or for the benefit or assistance of, any public corporate authority. (Pub. L. 88–171, § 5, Nov. 4, 1963, 77 Stat. 304.) Editorial Notes CODIFICATION Section was not enacted as part of the Organic Act of Guam which comprises this chapter. § 1426. Repealed. Aug. 2, 1954, ch. 649, title II, § 205, 68 Stat. 622 Section, acts Apr. 23, 1949, ch. 89, § 2(b), 63 Stat. 58; June 30, 1953, ch. 170, § 25(b), 67 Stat. 128, related to pur- chase of insured mortgage loans by the Federal Na- tional Mortgage Association, with respect to property in Guam. Section was not enacted as part of the Or- ganic Act of Guam which comprises this chapter. SUBCHAPTER VI—GUAM DEVELOPMENT FUND § 1428. Authorization of appropriations (a) For the purpose of promoting economic de- velopment in the territory of Guam, there is au- thorized to be appropriated to the Secretary of the Interior to be paid to the government of Guam for the purposes of this subchapter the sum of $5,000,000. (b) In addition to the appropriations author- ized in subsection (a), $1,000,000 is authorized to be appropriated to the Secretary of the Interior to be paid to the government of Guam annually for five fiscal years commencing in fiscal year 1978 to carry out the purposes of this sub- chapter. (Pub. L. 90–601, § 2, Oct. 17, 1968, 82 Stat. 1172; Pub. L. 95–134, title II, § 202, Oct. 15, 1977, 91 Stat. 1161.) Editorial Notes CODIFICATION Section was not enacted as part of the Organic Act of Guam which comprises this chapter. AMENDMENTS 1977—Pub. L. 95–134 designated existing provisions as subsec. (a) and added subsec. (b). § 1428a. Submission of plan for use of funds; con- tents of plan; term, interest rate, and pre- mium charge of loan Prior to receiving any funds pursuant to this subchapter the government of Guam shall sub- mit to the Secretary of the Interior a plan for the use of such funds which meets the require- ments of this section and is approved by the Secretary. The plan shall designate an agency or agencies of such government as the agency or agencies for the administration of the plan and shall set forth the policies and procedures to be followed in furthering the economic develop- ment of Guam through a program which shall include and make provision for loans and loan guarantees to promote the development of pri- vate enterprise and private industry in Guam through a revolving fund for such purposes: Pro- vided, That the term of any loan made pursuant to the plan shall not exceed twenty-five years; that such loans shall bear interest (exclusive of premium charges for insurance, and service charges, if any) at such rate per annum as is de- termined to be reasonable and as approved by the Secretary, but in no event less than a rate equal to the average yield on outstanding mar- ketable obligations of the United States as of the last day of the month preceding the date of the loan, adjusted to the nearest one-eighth of 1 per centum, which rate shall be determined by the Secretary of the Treasury upon the request of the authorized agency or agencies of the gov- ernment of Guam; and that premium charges for the insurance and guarantee of loans shall be commensurate, in the judgment of the agency or agencies administering the fund, with expenses and risks covered. (Pub. L. 90–601, § 3, Oct. 17, 1968, 82 Stat. 1172.) Editorial Notes CODIFICATION Section was not enacted as part of the Organic Act of Guam which comprises this chapter. § 1428b. Prerequisite for loan or loan guarantee; maximum participation in available funds; reserves for loan guarantees No loan or loan guarantee shall be made under this subchapter to any applicant who does not