Resolution No. 368-35 (LS)
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I MINA'TRENTAI SINGKO NA LIHESLATURAN GUÅHAN RESOLUTIONS PUBLIC DATE Resolution No. Sponsor Title Date Intro Date of Presentation Date Adopted Date Referred Referred to HEARING COMMITTEE NOTES DATE REPORT FILED Committee on Rules Relative to providing I Liheslaturan Guåhan ’s notice to Bank of Guam, to exercise the 8/25/20 8/27/20 Exhibits 1 and 2 option to extend the Maturity Date of the Credit Agreementfor the Guam Congress Building, 6:02 p.m. 4:05 p.m. 368-35 (LS) executed during the 32nd Guam Legislature pursuant to Public Law No. 32-067. Intro/Ref/History LOG 9/3/2020 9:20 AM I MINA′TRENTAI SINGKO NA LIHESLATURAN GUÅHAN 2020 (SECOND) Regular Session Resolution No. 368-35 (LS) Introduced by: Committee on Rules Relative to providing I Liheslaturan Guåhan’s notice to Bank of Guam, to exercise the option to extend the Maturity Date of the Credit Agreement for the Guam Congress Building, executed during the 32nd Guam Legislature pursuant to Public Law No. 32-067. 1 BE IT RESOLVED BY THE COMMITTEE ON RULES OF I 2 MINA′TRENTAI SINGKO NA LIHESLATURAN GUÅHAN: 3 WHEREAS, in 1947, the United States Navy began construction of the Guam 4 Legislature Building, originally known as the “Guam Congress Building”; and 5 WHEREAS, the building was completed on July 8, 1948, and on July 21, 1948, 6 was presented to the people of Guam by Rear Admiral Charles A. Pownall, Naval 7 Governor of Guam; and 8 WHEREAS, the unicameral Guam Legislature, created by the Organic Act to 9 replace the Guam Congress, took over what has come to be known, and hereinafter 10 referred to, as the Guam Legislature Building, beginning its first term of service in 11 January 1951; and 12 WHEREAS, a string of natural disasters over the ensuing four (4) decades, 13 combined with a lack of funding needed to properly modernize the building for 14 contemporary use, reduced the functionality and safety of the Guam Legislature 15 Building, requiring the relocation of the Legislature’s offices in 1990; and 1 1 WHEREAS, on February 1, 2007, having met the criteria necessary to be 2 considered a historic place, which includes historic value, political importance, cultural 3 significance, or architectural worthiness, or any combination thereof, the historic Guam 4 Legislature Building was added to the list of the National Register of Historic Places as 5 Item No. 66-01-1102; and 6 WHEREAS, pursuant to Rule XVII Section 17.11.05 of I Mina’Trenta na 7 Liheslaturan Guåhan Otden Areklamento (the Thirtieth Guam Legislature Standing 8 Rules), the Committee on Rules, on behalf of I Mina’Trenta Na Liheslaturan Guåhan, 9 began efforts to restore and properly modernize the building for contemporary use, with 10 the financial and technical assistance of the Guam Preservation Trust; and 11 WHEREAS, the Trust is mandated to restore and rebuild island structures that 12 are reflective of our island’s history, culture, and people; and the objective of the 13 restoration of the Guam Legislature Building is to preserve its historic value by 14 returning the structure as much as possible to its original state, while still conforming 15 with modern codes, laws, mandates, functions and uses; and 16 WHEREAS, funding was identified within the Trust to restore the building to its 17 original footprint; and 18 WHEREAS, funding to construct new legislative facilities and to renovate 19 existing ones is authorized by Title 2, Guam Code Annotated, §1126, as follows: “The 20 funding for the construction, purchase, lease or other means of acquisition shall be by 21 legislative appropriation, funds currently in the budget for I Liheslatura and 22 appropriated for lease of the buildings in Hagåtña now occupied by I Liheslatura, grant 23 from the Department of Administration, grant or loan from any agency or part of the 24 federal or local government, a loan from a private financial institution, donations or 25 contributions, an appropriate combination of said means or by any appropriate means. 26 Leases, contracts and construction contracts with private entities authorized by this 2 1 Section shall be entered into pursuant to the procurement laws applicable to I 2 Liheslatura.”; and 3 WHEREAS, Title 21, Guam Code Annotated, § 79602 allows the income in the 4 Capitol District Fund received from any lease of property within the Capitol District to 5 be dedicated for the repair, restoration, renovation, or refurbishment of the Guam 6 Congress Building or other Capitol District properties pursuant to a Legislative 7 Resolution; and 8 WHEREAS, pursuant to Resolution 174-30 (LS), attached hereto as Exhibit 1, 9 the Committee on Rules of I Mina’Trenta Na Liheslaturan Guåhan, on behalf of the 10 people of Guam, committed to the necessary funding, and authorized the Executive 11 Director of I Liheslatura to seek financing, for the “north wing modification,” and 12 authorized the Guam Preservation Trust to proceed with the planning, design and 13 construction necessary to restore and properly modernize the Guam Legislature 14 Building to its original footprint - to include the existing west side Session Hall, the 15 existing east side Council Chamber, the south side Speaker’s wing; and 16 WHEREAS, on August 22, 2013, Bill 155-32 (COR) was enacted as P.L. 32- 17 067, provided for: 18 AN ACT TO ACCEPT AND APPROVE THE TERMS AND CONDITIONS 19 OF THE APPENDED AGREEMENT BETWEEN THE BANK OF GUAM 20 AND I LIHESLATURAN GUÅHAN, WITH THE ASSISTANCE AND 21 ADVICE OF THE GUAM ECONOMIC DEVELOPMENT AUTHORITY 22 (GEDA), RELATIVE TO FINANCING THE RECONSTRUCTION OF 23 THE HISTORIC GUAM LEGISLATURE BUILDING IN HAGÅTÑA, IN 24 CONJUNCTION WITH THE GUAM PRESERVATION TRUST, TO 25 INCLUDE MODERNIZING, REFURBISHING AND RESTORING THE 3 1 EXISTING STRUCTURE, WHICH IS AN IMPORTANT COMPONENT 2 OF THE REVITALIZATION OF HÅGATÑA.; and 3 WHEREAS, P.L. 32-067 is attached hereto as Exhibit 2, authorized the 4 Government of Guam to secure financing in the amount of up to Four Million Dollars 5 ($4,000,000) with Bank of Guam subject to the written concurrence of the Governor of 6 Guam; and 7 WHEREAS, the Speaker of I Liheslaturan Guåhan and I Maga’låhen Guåhan 8 executed a Credit Agreement (“Loan Agreement”) together with Exhibit A to Loan 9 Agreement – Promissory Note, Exhibit B to Loan Agreement -- Pledge and Assignment, 10 and Exhibit C to the Loan Agreement -- the former Chief Deputy Attorney General, 11 Phillip J. Tydingco’s Letter to Bank of Guam and Arriola, Cowan & Arriola regarding 12 the Credit Agreement, Promissory Note, and Pledge and Assignment; and 13 WHEREAS, under Paragraph 9(c) of the Loan Agreement, 14 “All remaining principal and outstanding interest and other charges upon the 15 Loan shall be due and payable five (5) years from the date hereof ("the Maturity 16 Date"). Borrower shall have three successive options to extend the Maturity Date 17 of the Loan for periods of five years each. Each such option may be exercised by 18 giving notice to the Lender of exercise not more than 60 and not later than 30 19 days prior to the relevant Maturity Date. Each exercise of option shall be subject 20 to concurrence of Lender. In the event of any extension of the Loan, the interest 21 rate upon the Loan shall be adjusted to reflect the greater of (a) the Index value 22 in effect as of the first day of such extension, plus the applicable Margin, or (b) 23 the Minimum Effective Rate of Interest, and the payment amounts upon the Note 24 shall be adjusted to be in amount the Lender determines is necessary to maintain 25 the amortization of principal and interest provided herein, with interest at the rate 4 1 taking effect in such extension. The Promissory Note given for the Loan shall be 2 revised or substituted by a new note to reflect such revisions.”; and 3 WHEREAS, it is the intent of the Committee on Rules to provide Notice to Bank 4 of Guam of its intent to exercise an option to extend the maturity date of the Loan for a 5 period of five (5) years, as provided under Paragraph 9(c); now therefore, be it 6 RESOLVED, that the Committee on Rules of I Minaʹtrentai Singko Na 7 Liheslaturan Guåhan does hereby, on behalf of the people of Guam, does hereby elect 8 to exercise the option to extend the maturity date of the Loan under Paragraph 9(c) and 9 will provide Bank of Guam with Notice of such election; and be it further 10 RESOLVED, that the Speaker and the Chair of the Committee on Rules certify, 11 and the Legislative Secretary attest to, the adoption hereof, and that copies of the same 12 be thereafter transmitted to Mr. Joe San Agustin, Executive Director, I Minaʹtrentai 13 Singko Na Liheslaturan Guåhan; and to the Honorable Lourdes A. Leon Guerrero, I 14 Magaʹhågan Guåhan. DULY AND REGULARLY ADOPTED BY THE COMMITTEE ON RULES OF I MINA'TRENTAI SINGKO NA LIHESLATURAN GUÅHAN ON THE 27TH DAY OF AUGUST 2020. TINA ROSE MUÑA BARNES RÉGINE BISCOE LEE Speaker Chair, Committee on Rules AMANDA L. SHELTON Legislative Secretary 5 Senator Régine Biscoe Lee Senator Clynton E. Ridgell Chair Member Senator Amanda L. Shelton, Senator Joe S. San Agustin, Vice Chair Member Speaker Tina Rose Muña Barnes, Senator Jose “Pedo” Terlaje, Member Member Vice Speaker Telena Cruz Nelson, Senator Therese M. Terlaje, Member Member COMMITTEE ON RULES Senator Kelly Marsh (Taitano), PhD, Senator James C. Moylan, Member I MINA'TRENTAI SINGKO NA LIHESLATURAN GUÅHAN Member 35TH GUAM LEGISLATURE Senator Sabina Flores Perez Senator Mary Camacho Torres, Member Member and Chair, Subcommittee on Protocol COMMITTEE VOTE SHEET Resolution No.