Guam § 160311 - Use of Funds.

§ 160311. Use of Funds.

(a) The income tax payments made under the Special QC program,

shall be returned to the respective trusts at the completion of the one

hundred eighty (180) day period without interest.

(b) The first One Million Dollars ($1,000,000) generated from the

trust shall be authorized and appropriated to the Guam Memorial

Hospital Authority. All other revenues generated from the

implementation of this Act, including, but not limited to, the initial and

annual License Fees, Examination Fees and interest earned from these

funds, shall be allocated as follows:

(1) subject to legislative appropriation, up to fifty percent

(50%) to the Chamorro Land Trust Commission, for the purposes of

infrastructure development (i.e. roads, power, water, sewer and

telephone services) on Chamorro Land Trust properties;

(2) subject to legislative appropriation, up to ten percent

(10%) shall be earmarked for the Department of Revenue and

Taxation for maintaining the operational functions of the

government of Guam;

(3) subject to legislative appropriation, up to ten percent

(10%) of this revenue, shall be remitted immediately to the Guam

Economic Development Authority for the development and

promotion of Guam=s financial services industry; and

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(4) all remaining revenues generated from the implementation

of this Act shall be remitted to the General Fund to be appropriated

by I Liheslaturan Guåhan.