Guam § 9144 - Government of Guam Special Fund.

§ 9144. Government of Guam Special Fund.

(a) There is hereby authorized to be established, out of any

money in the Treasury of Guam not otherwise appropriated, a

fund sufficient to secure the payment of benefits under this

Chapter in respect of employees in public employment.

(b) With respect to employees in public employment, the

Commission may authorize direct benefit payments from such

fund, or, if it deems desirable, insure and keep insured the

payment of such benefits with any stock or mutual company or

association.

(c) Prior to any lump sum payment of compensation

pursuant to § 9115(j) of this Chapter, the Commission must

certify that an amount equal to the lump sum payable is

deposited into the Government of Guam Special Fund by the

respective public employment employer of the employee who is

to receive the lump sum payment.

(d) All public employment employers shall reimburse the

Government of Guam Special Fund such sums as may be

necessary from their annual operational appropriations or

revenues for the compensation paid to their employees or

dependents pursuant to this Chapter.

(e) Reimbursements into the Government of Guam Special

Fund pursuant to Subsection (d) of this Section shall be made

within fourteen (14) days of receipt of each assessment demand

by the Commission for amounts equal to the amount paid

pursuant to this Chapter, except when the Commission deems it

advisable that the public employment employer make a deposit

into the Government of Guam Special Fund prior to payment of

compensation.

(f) The Treasurer of Guam shall be the custodian of such

fund and is authorized to disburse moneys from such fund only

upon the order of the Commission. The Treasurer of Guam shall

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deposit any moneys appropriated or paid into such fund into such

depository banks as the Commission may designate, and may

invest any portion of the funds which in the opinion of the

Commission is not needed for current requirements, in bonds or

notes of the United States or of any Federal land bank.

(g) The account for such fund shall be subject to audit in

accordance with the established government of Guam auditing

procedure, but action of the Commission in making payments

from such fund shall be final and not subject to review.