Guam § 21109 - Reimbursement of Federal Loans.

§ 21109. Reimbursement of Federal Loans.

In accordance with [United States] P.L. 88-170, as amended,

providing for the rehabilitation of Guam, the government of Guam is

authorized to make certain loans from the Federal Government. Pursuant

to the provisions of said Act, the government of Guam has made, and

will in the future make, certain loans from the Federal Government.

Under the terms of said Act, the Secretary of the Treasury shall withhold

from sums collected, pursuant to 30 of the Organic Act of Guam, such

amounts, with interest at a rate to be determined by the Secretary of the

Treasury, as the Secretary of the Interior estimates will reimburse the

United States over a period of 30 years beginning June 30, 1968, with

respect to sums transferred on or prior to that date, and over a period of

30 years from the date of each such transfer with respect to sums

transferred after that date. Since taxes and other income covered into the

treasury of Guam under 30 of the Organic Act become part of the

General Fund, there is hereby authorized to be appropriated from any

available funds in the Unappropriated Surplus of the General Fund such

sums as are necessary to reimburse the Federal government for loans

plus interest heretofore and hereafter made under the provisions of Public

Law 88-170, as amended.