5 Guam Code Ann. § 22437
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Terms Used In 5 Guam Code Ann. § 22437
- 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
- Statute: A law passed by a legislature.
Any financial agreement or arrangement between the government of Guam with any bank, private banking firm, brokerage firm, bond brokerage firm, or similar financial institutions which uses, pledges, or arbitrages any government revenue, trust funds, debt service payment deposits with trustees, bond proceeds, or interests on any of these, not specifically authorized by existing statute authorizing the issuance or refinancing of bonds, shall require legislative approval; and any income generated from such financial agreement and arrangement shall require legislative appropriation.
SOURCE: Added as uncodified law by P.L. 32-068:XII:19 (Sept. 11,
2013), codified to this section by the Compiler and stricken pursuant to
P.L. 32-181:XIII:19 (Sept. 5, 2014). Added by P.L. 33-066:XII:21 (Sept.
5, 2015).