Guam § 5129 - Expenditures; Accounting for Funds.

§ 5129. Expenditures; Accounting for Funds.

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The Authority shall make administrative, maintenance and

operating expenditures in accordance with an annual budget, and shall

account to the government of Guam, in accordance with applicable law,

for any funds that may have been furnished to it or appropriated to its

use. The Authority shall account to the Federal Government at such

times as the Federal Government may require, for funds provided by the

Federal Government, or derived from the proceeds of any sale of bonds

or other obligations of the Authority secured by a pledge of annual

contributions or other financial assistance of the Federal Government, or

derived from receipts from its federally aided projects or operations or

otherwise derived from, or through, or with the cooperation or assistance

of the Federal Government. The Federal Government shall, for the

purposes of audit and examination, have access to any books, documents,

papers and records of the Authority pertinent to its operations with

respect to financial assistance furnished by the Federal Government.