5 Guam Code Ann. § 22417
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Terms Used In 5 Guam Code Ann. § 22417
- 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
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
From the date of issuance of the first bonds authorized by § 22416 of this Code, all revenues thereafter received by the government for deposit in the General Fund, other than revenues
pledged or required for the payment of principal of and interest on
the bonds authorized by § 22416 of this Code, shall be paid to the
Retirement Fund until the payments to the Retirement Fund together with the proceeds, if any, of the bonds paid to the Retire- ment Fund, satisfying the accrued obligation of the General Fund of Forty-three Million Two Hundred Thousand Dollars ($43,200,000) to the Retirement Fund, with interest, if any, as provided by law. Thereafter, such revenues shall be available for appropriation as provided by law.
pledged or required for the payment of principal of and interest on
the bonds authorized by § 22416 of this Code, shall be paid to the
Retirement Fund until the payments to the Retirement Fund together with the proceeds, if any, of the bonds paid to the Retire- ment Fund, satisfying the accrued obligation of the General Fund of Forty-three Million Two Hundred Thousand Dollars ($43,200,000) to the Retirement Fund, with interest, if any, as provided by law. Thereafter, such revenues shall be available for appropriation as provided by law.
SOURCE: GC § 6129 added by P.L. 18-41:2.