Guam § 221304 - Health Security Trust Fund.

§ 221304. Health Security Trust Fund.

(a) There is hereby created, separate and apart from other

funds of the government of Guam, a fund known as the Health

Security Trust Fund. The Health Security Trust Fund shall not be

commingled with the General Fund and shall be kept in a separate

bank account, and shall be subject to legislative appropriation and

expended exclusively for the purpose of funding the operations

and capital expenditure at the Guam Memorial Hospital.

(b) The Health Security Trust Fund, subject to legislative

approval, may be invested or reinvested in bonds or in securities

that are approved for the Retirement Fund, or according to modern

investment practices of similar funds. The appropriations from the

Health Security Trust Fund shall be limited to fifty percent (50%)

of the initial deposit from the proceeds of the sale for the first five

(5) years. Thereafter, expenditures shall be limited to ninety

percent (90%) of the earnings of the Fund.

(c) The sum of Three Million Five Hundred Thousand

Dollars ($3,500,000) is transferred from the present series 2001B

sub-account of the Health Securities Trust Fund to the 2001A sub-

account and is de-allocated and subsequently appropriated to the

Guam Memorial Hospital Authority for support of the operations

of the Guam Memorial Hospital. This transfer is conditional upon

the approval of bond counsel.