Guam § 221306 - GCC Endowment Fund.

§ 221306. GCC Endowment Fund.

There is hereby created, separate and apart from other funds

of the government of Guam, a fund known as the ‘GCC

Endowment Fund.’ The GCC Endowment Fund shall not be

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

bank account and administered by the Guam Community College.

The GCC Endowment Fund may be invested or reinvested by the

GCC Board of Trustees 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 GCC

Endowment 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

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(90%) of the earnings of the Fund. The proceeds from the

investments shall remain within the GCC Endowment Fund. All

monies deposited into the GCC Endowment Fund shall be

expended exclusively for enhancement of learning resources and

technology, and for the purpose of funding capital improvement

projects expenditures at GCC, including, but not limited to, the

following:

(a) purchase of computer equipment, books,

subscriptions, periodical materials and other library supplies

and materials;

(b) training;

(c) management of library materials and resources; and

(d) capital improvement projects.

GCC shall determine the allocation of this appropriation in

compliance with this Section.