Guam § 16118 - Legislative Appropriation.

§ 16118. Legislative Appropriation.

(a) On February 15th, or earlier, of each year, a budget requirement for the following Fiscal Year for

personnel and operating costs necessary for carrying out the mission, purposes and general activities of the

University, including funds necessary for student loans, scholarships, and financial aid, shall be certified

by the Board and submitted to I Liheslatura. Following public budget hearings before I Liheslatura, an

appropriation shall be made available to the University in an amount to be determined by I Liheslatura

based upon the fiscal condition of the government of Guam, to be allotted in four (4) appropriately

disproportional quarterly installments which shall be remitted on the first day of each quarter of the

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appropriate University Year, under the full fiscal control of the Board which shall be fully accountable for

the appropriate expenditure of all University funds. Such appropriation for the annual personnel and

operating costs of the University shall not include any sums collected by the University from student tuition

and fees. University funds derived from fees shall be considered non-appropriated funds of the University

under the fiscal control of the Board. One Hundred Percent (100%) of the funds derived from student tuition

shall be deposited in the University of Guam Bond Fund for repayment of general obligation bonds in

accordance with 5 GCA § 22340(k). A Fiscal Year shall run concurrently with the Fiscal Year of the

territorial agencies of the government of Guam. A University Year shall run from August 1 to July 31.

(b) Anything herein to the contrary notwithstanding, I Liheslatura may appropriate any additional

funds for carrying out the activities of the University.

(c) No agreements to borrow money which shall be repaid in more than ten (10) years from the date

of execution of such agreement shall be entered into by the University without prior Legislative approval.(d)

The Board shall disburse such funds as I Liheslatura may appropriate for the purpose of carrying out the

activities of the University.