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~The Secretary, woon determining that the Guam Power
Authority is unable to refinance on reasonable tems
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 Treasury, guarantee for purchase by
the Federal Financing Bank, ard such bank is authorized
to purchase, obligations of the Guam Power Authority
issued to refinance the principal amount of the obligations
guaranteed under the fifth sentence of this section.
‘The
Obligations that refinance such principal amumt shall
mature not later than Decenber 31, 1990, and shall bear
interest at a rate determined in accordance with section
6 of the Federal Financing Bank Act (12 U.S.C. 2285).
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 Pederal Pinancing
Bank or the Secretary, @ccording to their respective
interests, such unpaid amoinmts from sums collected and
payable pursuant to section 30 of this Act (48 U.S.C.
1421h). Notwithstanding any other provisions of la,
Acts making appropriations may provide for the withholding
of any payments from the United States to the Goverment
of Guam which may be or may become due pursuant to any
law ard offset the amount of such withheld
against any claim the Onited States may have against
the Government of Guam or the Guam’ Power Authority
pursuant to this quarantee. For the purposes of
this Act, under section 66 of the Revised Statutes
(31 U.S.C. 191) the term “pateon" includés the - _
Goverrment of Guais and Guam Power Authority. ‘The
Secretary may place such stipulations as he deans
appropriate on the bonds or other obligations he guarantees.
Section 401 would extend the guaranteed borrowing authority granted
to the Virgin Islands under P.L. 94-392 from the October 1, 1979
deadline to October 1, 1989. The purpose of P.L. 94-392 was to _
provide construction funds for economic stimulation in 1976 and for _
urgently needed public facilities. ‘The Government of the Virgin
Islands has not, however, used much of this guaranteed borrowing
authority to finance capital projects. Of the $61,000,000 in
guaranteed borrowirg authority granted the Virgin Islands under
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