There is hereby created, separate and apart from other funds of the government of Guam, a fund known as the ‘UOG Higher Education Endowment Fund’. The UOG Higher Education Endowment Fund shall not be commingled with the General Fund and shall be kept in a separate bank account and administered by the University of Guam. The UOG Higher Education Endowment Fund may be invested or reinvested by the UOG Board of Regentsin bonds or in securities that are approved for the Retirement Fund, or according to modern investment practices of similar funds.

The appropriations from the UOG Higher Education Endowment Fund shall be limited to fifty percent (50%) of the initial deposit from the proceeds of the sale for the first five (5) years. Thereafter, expenditures shall be limited to ninety percent (90%) of the earnings of the Fund. The proceeds from the investments shall remain within the UOG Higher Education Endowment Fund. All monies deposited into the UOG Higher Education Endowment Fund shall be expended exclusively for enhancement of learning resources and technology, including, but not limited to, the following:

(a) purchase of computer equipment, books, subscriptions, periodical materials and other library supplies and materials;

(b) training; and

(c) management of library materials and resources.

The University of Guam shall determine the allocation of this appropriation in compliance with this Section.

SOURCE: Added as § 221205, by P.L. 25-187:2 (Jan. 11, 2001), codified to this section by the Compiler. Amended by P.L. 27-069:6(c) (Feb. 6,
2004) and P.L. 28-042:4 (June 3, 2005).