Guam § 22432 - Creation of Fund.

§ 22432. Creation of Fund.

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

funds of the government of Guam, a fund to be known as the “Line

of Credit Repayment Fund” (Fund). The Fund shall not be

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

bank account, under the purview of the Public Auditor. The funds

deposited into the Line of Credit Repayment Fund are hereby

appropriated for the repayment of the line of credit authorized by

I Liheslaturan Guåhan [Guam Legislature] in 5 GCA § 22431(a).

(b) All payments made pursuant to the written payment

plans executed between the government and taxpayers for balance

taxes due for all tax years, other than tax year 2001, not subject to

an existing levy, payroll deduction, or written voluntary

agreement, or constitute an account deemed by the Department of

Revenue and Taxation to be pending due to litigation or other legal

problems, shall be deposited into the Fund to be solely used for

the repayment of the line of credit authorized herein.

(c) The Department of Revenue and Taxation shall provide

I Maga’lahen Guåhan [Governor] and I Liheslaturan [Guam

Legislature] Guåhan on a bi-weekly basis, upon the enactment of

this Section, the total amount of balance taxes due, subject to a

written payment plan, and the number of taxpayers executing the

written payment plan.

(d) The deposits made to the Fund pursuant to 5 GCA §

22432(b) shall be invested or reinvested in interest-bearing

instruments, United States treasury notes, investment grade and

insured corporate notes, and other like instruments which are

readily convertible to cash needed to pay for the line of credit

COL4/6/2022

authorized by I Liheslaturan Guåhan in § 22429(a) of Title 5 of

the Guam Code Annotated.