Guam § 8117 - Accounting and Expenditures.

§ 8117. Accounting and Expenditures.

(a) The Board shall adopt and maintain a system of accounting which is substantially in accordance

with the Uniform System of Accounts prescribed for Public Utilities and Licensees (Class A and B) issued

by the Federal Power Commission of the United States, as amended from time to time.

(b) The Board may authorize, by annual budget resolution and amendments thereto, the payment of

demands against the Authority resulting from its exercise of the powers prescribed in this Act, for a period

of one (1) year if:

(1) the purposes and amounts of such demands are projected in a budget expressed in terms of

major account groups of the Uniform System of Accounts, which has been adopted by the Board after

receiving recommendations of the General Manager; and

(2) if the specific demands which are made are approved by the Board or the General Manager

prior to payment.

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(c) The Board shall employ a firm of independent certified public accountants who shall examine and

report to the Board, at least annually, upon the status of the financial records and accounts maintained by

the Authority. Copies of any such report shall be furnished to I Maga’håga/Maga’låhi and to I Liheslatura.

(d) The Board shall report to I Maga’håga/Maga’låhi concerning its administration of the affairs of

the Authority. It shall present an annual report within one hundred twenty (120) days after the end of each

fiscal year and, if requested by I Maga’håga/Maga’låhi, shall present special reports within thirty (30) days

after the end of each intervening quarter. The financial information presented in such reports shall be in

accordance with the Uniform System of Accounts adopted by the Board. Copies of any such reports,

including the annual and special reports, shall be furnished to I Liheslatura.