Guam § 75103 - Administration.

§ 75103. Administration.

(a) The Commission shall adopt rules, regulations, and policies in accordance with Article 3, Chapter

9 of Title 5 of the Guam Code Annotated, Government Operations. The Commission may accept grants,

contributions, and appropriations and may make such expenditures, loans and other disbursements as are

authorized by this Chapter. These disbursements shall be allowed and paid out in accordance with the

direction of the Commission upon presentation to the Administrative Director of itemized vouchers therefor

signed by the Commission certifying officer.* The Administrative Director shall give bond in the sum of

Five Hundred Thousand Dollars ($500,000) for the faithful performance of his duties. These funds created

by § 75112 of this Chapter shall be maintained separate and apart from any other government fund and

shall be in the custody of the Commission certifying officer. The Commission shall make an annual finance

and progress report to I Liheslatura upon the first date of each regular session thereof and such special

reports as I Liheslatura may from time to time require.

(b) When land originally leased by the Commission is, in turn, subleased by the Commission’s lessee

or sublessee, the Commission shall submit, within ten (10) days of the convening of any regular session, a

written report to I Liheslatura which shall cover the sublease transactions occurring in the calendar year

prior to the regular session and shall contain the names of the persons involved in the transaction, the size

of the area under lease, the purpose of the lease, the land classification of the area under lease, the lease

rental, the reason for approval of the sublease by the Commission, and the estimated net economic result

accruing to the Commission lessee, and sublessee.

(c) The Commission shall have the power and authority to invest and re-invest any of the money in

any of its funds, not otherwise immediately needed for the purposes of the funds in such bonds and securities

authorized in 4 GCA Chapter 8. Any interest or other earnings arising out of such investment shall be

credited to and deposited in the Chamorro Home Loan Fund.

NOTE: Reference to Chapter III, Title V of this Code, (Retirement of Public Employees), changed by Compiler to

conform with the GCA recodification.

(d) The Commission is authorized to carry on any activities it deems necessary to assist lessees in

obtaining maximum utilization of leased lands, including taking any steps necessary to develop these lands

for their highest and best use commensurate with the purposes for which the land is being leased as provided

for in § 75107, and assisting lessees in all phases of farming and ranching operations and the marketing of

their agricultural produce and livestock. In these efforts the Commission shall coordinate its efforts with

the Department of Agriculture.

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(e) The Commission, may designate and plan subdivisions in accordance with the provisions of

Chapter 62 of this Title 21 Guam Code Annotated, on available lands, in, adjacent to, or near any village.

Subdivision lots shall be leased in accordance with § 75107.

(f) [No text.]

(1) Assistance in the Development and Administrative Implementation of Loan and Fund

Programs. The Chamorro Land Trust Commission is authorized to enter into memorandums of

agreement, or contract with government or private agencies or lending institutions, relative to servicing

loans made or guaranteed by the Commission pursuant to §§ 75112, 75113 and 75114, or other

applicable provisions of this Chapter 75, applicable law and regulation.

(2) The Commission shall provide for in its administrative rules and regulations the processes by

which non-government of Guam agencies, to include Federal agencies and instrumentalities and

private lending institutions, may participate in the Commission’s revolving fund and special fund

programs, to the extent authorized pursuant to this Chapter 75, applicable law and regulation.