12 Guam Code Ann. § 83109
Terms Used In 12 Guam Code Ann. § 83109
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Contract: A legal written agreement that becomes binding when signed.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
- Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
- Trustee: A person or institution holding and administering property in trust.
12 Guam Code Ann. AUTONOMOUS AGENCIES
CH. 83 THE GUAM TWENTY-FIRST (21ST) CENTURY
HEALTHCARE CENTER ACT OF 2021
(a) Rental payments under the lease and the lease-back may be secured by a pledge or other reservation of revenues collected by the Government of Guam from the following:
(1) The sum of no more than Thirty-five Million Dollars
($35,000,000) from the revenues received pursuant to 11
GCA Chapter 42, Earned Income Tax Credit, will be available for Fiscal Year 2022 only.
(2) The sum of no more than Thirty-five Million Dollars ($35,000,000) from the General Fund shall be appropriated annually thereafter.
(3) The Governor of Guam may use federal funds that is made available to the Government of Guam by the United States federal government for such purposes.
(4) The use of other financing options is authorized for the purposes of this Act, including, but not limited to, loans, grants, bond financing, and other alternate funding or financing options, subject to legislative approval.
(b) Any amounts reserved or pledged as provided in this Section shall be subject to annual appropriation for the purpose of making lease-back payments. The revenues pledged or reserved and thereafter received by the Government of Guam or by any trustee, depository or custodian shall be deposited in a separate account and shall be immediately subject to such reservation or the lien of such pledge without any physical delivery thereof or further action, and such reservation or the lien of such pledge shall be valid and binding against all parties having claims of any kind in tort, contract or otherwise against the Government of Guam or such trustee, depository or custodian, irrespective of whether the parties have notice thereof. The instrument by which such pledge or reservation is created need be recorded.
2022 NOTE: Subsection designation added pursuant to the authority of 1
GCA § 1606.