There is hereby created, separate and apart from other funds of the government of Guam, a fund known as the ‘GCC Endowment Fund.’ The GCC Endowment Fund shall not be commingled with the General Fund and shall be kept in a separate bank account and administered by the Guam Community College. The GCC Endowment Fund may be invested or reinvested by the GCC Board of Trustees in bonds or in securities that are approved for the Retirement Fund, or according to modern investment practices of similar funds. The appropriations from the GCC 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 GCC Endowment Fund. All monies deposited into the GCC Endowment Fund shall be expended exclusively for enhancement of learning resources and technology, and for the purpose of funding capital improvement projects expenditures at GCC, including, but not limited to, the following:

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

(b) training;

(c) management of library materials and resources; and

(d) capital improvement projects.

GCC shall determine the allocation of this appropriation in compliance with this Section.

SOURCE: Added as § 221206, by P.L. 25-187:2 (Jan. 11, 2001), codified to this section by the Compiler. Amended by P.L. 27-011:2 (Apr. 26,
2003), P.L. 27-069:6(d) (Feb. 6, 2004), and P.L. 28-042:5 (June 3, 2005).

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ARTICLE 14
COMPACT IMPACT GRANT ANTICIPATION BONDS

SOURCE: Entire Article enacted by P.L. 27-092:1.

NOTE: See Organic Act § 1423j. Moneys appropriated by Congress to Guam may not be appropriated again by the Guam Legislature.

“”Section 1423j of Title 48, United States Code, is paramount to local legislation [this Article] and provides that the United States Congress can make appropriations directly to the government of Guam. Where these appropriations or grants completely fund a specific purpose without the need of local funding, and where the appropriation or grant does not provide for local legislative control, there is no authority for the Guam Legislature to assume the responsibility for reappropria- ting these funds.”” Wong, Deputy Consumer Counsel v. Camina, Director, Bureau of Budget & Management Research, 2 Guam R. 132, 133 (1978).

5 Guam Code Ann. GOVERNMENT OPERATIONS
CH. 22 GENERAL FISCAL POLICIES AND CONTROLS